KATHMANDU, May 23: The price of gold in the domestic market dropped Rs 4,800 per tola (11.6638 grams) amid the Indian government’s request to its citizens to reduce gold import citing the pressure on its foreign currency reserves.
According to the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA), the market price of gold fell to Rs 293,700 from Rs 298,500 per tola when the market closed the previous week. On Sunday, the price of the precious metal decreased by Rs 4,500 per tola, to open weekday trading. Except on Wednesday when the price declined Rs 3,300 and on Thursday with increased value of Rs 1,800 per tola, there were nominal fluctuations in gold prices in the remaining trading days.
Gold price surged by Rs 5,400 per tola last week
The price of silver decreased Rs 340, from Rs 5,390 to Rs 5,050 per tola.
The FENEGOSIDA said the fluctuations in prices of bullion were due to multiple reasons, which include a nominal decline in oil price globally, marginal increase in employment level in the US economy, ongoing instability in global geopolitical situation.
