The price of yellow metal dipped by Rs 685 per 10 gram on Sunday to Rs 28,295 per ten gram or Rs 33,000 per Tola (11.664 grams), compared to the price recorded on Friday.“
"The price of gold has begun to go down as major currencies such as Euro, Yen and Pound Sterling are weakening against US dollar for a couple of d”ys," said Tej Ratna Shakya, president of Nepal Gold and Silver Dealers Association. Shakya also said reports about the troubled Dubai World holding company also brought negative impact in the international bullion market.
Skyrocketing gold prices had forced customers to dig deep into their pockets budget during this wedding season. According to traders, Dashain, Tihar and wedding seasons account for more than 30 percent of total annual sales of gold in the country.
Silver price also dropped to Rs 465 per ten gram on Sunday after touching a record Rs 480 per ten gram last week.
Spurred by recent purchase of 200 tons of gold by Reserve Bank of India on the back of weakening US dollar against rival currencies, gold price saw an unprecedented rise in recent days setting new records. Price of gold touched an all time high of $1,225 per troy ounce in international market last week.
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