Officials of the Federation of Nepal Gold and Silver Dealers Associations say gold price fell in the domestic market due to drop in the price of yellow metal in the global market.
Gold price dropped by US$ 35 per troy ounce to US$ 1,169 in the international market on Sunday.
“As US dollar is getting stronger, investors are selling gold and investing on stocks,” Tej Ratna Shakya, immediate past president of the federation, told Republica, adding “This has caused demand for gold to fall which affected its price."
US dollar was exchanged at 99.76 in the domestic market on Sunday.
Traders said that fluctuation in gold price has affected their business. “Demand for golden jewelries has not increase as gold price is fluctuating this season," Shakya said, adding, "Last year, daily demand hovered above 30 kg. Its hardly 20 kg per day this season."
Similarly, silver price came down by Rs 15 per tola on Sunday compared to the price recorded on Friday. Silver was traded at Rs 680 per tola on Sunday.
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