KATHMANDU, Nov 22: The price of gold in the domestic market dropped Rs 8,000 per tola (11.6638 grams) last week.
According to the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA), the price declined to Rs 241,700 from Rs 249,700 per tola when the market closed the previous week. On Sunday, the precious yellow metal fell Rs 6,900, while the price increased by Rs 500 on Monday, followed by a decline of Rs 3,800 On Tuesday. The price again escalated by Rs 2,800 on Wednesday, followed by a gain of Rs 700 the next day. The price of precious yellow metal dropped by Rs 1,300 on Friday to close for the week.
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The FENEGOSIDA said gold price last week was affected by a multiple factors like decline in investors’ expectation on further curtailing of interest rate by Federal Reserve, strengthening of the US dollar in international market and surge in returns from treasury yield. “These led to a reduction in investors’ attractions towards gold.”
Along with gold, the price of silver also declined by Rs 185 per tola in Nepali market. The price slid to Rs 3,100 from Rs 3,285 per tola in the review period.
