KATHMANDU, March 21: The price of gold in the domestic market decreased 19,700 per tola (11.6638 grams) amid fluctuation in bullion price on international market due to ongoing tension 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 294,500 from Rs 314,200 per tola when the market closed the previous week. On Sunday, the market started the weekday trading with a loss of Rs 4,800.
Gold price declines by Rs 5,600 per tola in 9 days
On Monday, it inched up Rs 100 per tola while it gained Rs 400 on the following day. On Wednesday the price declined Rs 2,200 per tola as it dipped further by Rs 5,400 on the next day. The price of precious yellow metal fell further by Rs 7,800 on Friday to close for the week.
Along with gold, the price of silver also decreased Rs 600 per tola in Nepali market. In the review period, the price slumped to Rs 4895 from Rs 5,495.
According to the FENEGOSIDA, the prices of precious metals in the review period were influenced by a possibility that central banks of a number of countries might start selling gold, Federal Reserve to increase interest rate, soaring prices of the US dollar and crude oil and an ease in the existing tension of the Middle East.
