KATHMANDU, Dec 6: The price of gold in the domestic market increased Rs 1,800 per tola (11.6638 grams) last week.
According to the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA), the market price of gold increased to Rs 252,400 from Rs 250,600 per tola when the market closed the previous week. On the first two weekdays, the precious yellow metal increased Rs 1,600 and Rs 1,400 a tola, respectively.
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On Tuesday, the price fell by nominal of Rs 300 followed by an increase of Rs 800 on Wednesday. On the last two days of the week, the price of the precious metal again declined Rs 800 and Rs 900, respectively.
The gold price last week was affected by multiple factors. According to Reuters, an international media, the gold price fluctuated due to a decline in US private payrolls leading to economists’ expectation for a 10,000-job increase in November. In addition, increasing selling pressure due to the investors' move to book profits and mounting expectations that the US Federal Reserve will cut interest rates next week also impacted the price of gold in the international market.
Along with gold, the price of silver also inclined by Rs 210 per tola in Nepali market. The price climbed to Rs 3,555 from Rs 3,345 per tola in the review period.
