KATHMANDU, Oct 3: Gold prices in the domestic market fell by Rs 3,800 per tola (11.6638 grams) last week.
According to the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA), the market price of gold decreased to Rs 294,800 per tola from Rs 298,600 when the market closed the previous week.
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During the week, the price of the precious metal increased for three days, with the largest gain of Rs 2,800 recorded on Wednesday. Likewise, the largest decline of Rs 5,000 was recorded on Sunday.
According to Reuters, gold prices fell last week as the yield on 10-year US Treasury bonds, a benchmark for global borrowing costs and asset prices, rose to its highest level since 2002. “For non-yielding assets, all else equal, that is going to be challenging because gold has to compete against that yield level in people's portfolios,” Reuters reported.
Silver prices also fell by Rs 170 per tola last week, from Rs 4,620 to Rs 4,450.
