Gold price dropped to Rs 26,580 per ten gram on Wednesday from Rs 26,680 recorded on Tuesday. Traders said speculation over possible slide in gold price played major role in depreciation of gold prices in Nepali market.
According to Tej Ratna Shakya, president of Nepal Gold and Silver Dealers´ Association, impact of the consolidating greenback and bullish European share market have pushed down the price of the yellow metal in international bullion market. “Moreover, domestic market suffered further drop amid speculative trend of customers who are waiting for further fall in price. Off-season of gold trading also helped push gold prices in domestic market down,” said Shakya.
He said sales of gold have plunged to around 5 or 6 kg per day, down from around 13 or 14 kg per day recorded during wedding season that ended last week.
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