KATHMANDU, Feb 3: The price of gold slipped by Rs 52,700 per tola in the domestic market of Nepal over the past three days as an impact of a rallied-down price in the international market.
According to the Federation of Nepal Gold and Silver Dealers' Association (FENEGOSIDA), gold jumped Rs 20,500 and reached a historic high of Rs 339,300 per tola (11.6638 grams) on Thursday. The precious yellow metal’s price however dropped and was traded at Rs 286,600 per tola on Monday.
Gold price rises by Rs 500 per tola, reaches all-time high of R...
According to international media, gold slid more than 4 percent to below $4,700 per ounce on Monday, extending losses from the prior session when the precious metal suffered its steepest fall in more than a decade. “After a record-breaking rally over the past several months, the prices of precious metals came tumbling down on Friday as gold witnessed its largest one-day fall in prices since 1983, slipping over 9 percent,” Dawn reported.
After a record-breaking rally in the gold market last week, prices began to tumble on Friday on account of Trump's nomination of Kevin Warsh as the new chair of the US Federal Reserve. “The fall followed heavy selling across commodities, equities, and metals after Kevin Warsh was nominated as the next US Federal Reserve chair. A stronger US dollar, margin hikes, easing geopolitical tensions, and profit booking after record highs combined to push gold lower,” reports Economic Times.
According to international media reports, investors view Warsh as hawkish on inflation, boosting the US dollar and dampening demand for precious metals.
Along with gold, silver prices also declined sharply in the past few days. Silver, which reached record high at Rs 7,505 per tola last week, was traded at Rs 5,200 per tola in the domestic market on Monday, FENEGOSIDA said.
