KATHMANDU, May 2: The price of gold in the domestic market decreased marginally by Rs 400 per tola (11.6638 grams) amid the impact of the ongoing conflicts in the Middle East region.
According to the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA), the market price of gold fell to Rs 296,100 from Rs 296,500 per tola when the market closed the previous week. On Sunday, the price of the precious metal increased by Rs 2,700 per tola, followed by a gain of Rs 1,300 on Monday.
Gold and silver prices remain steady
On Tuesday and Wednesday, the gold price declined by Rs 3,000 per tola on each day, while it further declined by Rs 1,800 tola on Thursday. The price recovered by Rs 3,400 per tola on Friday to close for the week.
The price of silver remained stable in the domestic market last week, with the price recorded at Rs 4,945 a tola.
According to international media, the prices of precious metals are affected by the ongoing Middle East war. As per the World Gold Council, investment volumes fell by five percent during the last quarter as the Middle East war forced some investors to liquidate holdings to raise cash. The prospect of the US Federal Reserve raising interest rates in response to higher inflation boosted the dollar, which also made gold more expensive for investors who do not hold dollars.
