KATHMANDU, May 15: The price of gold, on Sunday, dropped by Rs 1,300 per tola (11.664 grams), taking down the price of the precious metal below Rs 97,000 per tola - the lowest price in the past two and a half months.
The records with the Federation of Nepal Gold and Silver Dealers' Association (Fenegosida) show that the price of fine gold stood at Rs 96,500 per tola in the domestic market on Sunday. Last time, the price of the 99.99 percent pure gold was recorded at Rs 96,600 per tola on February 27. Over the period, the price had reached to as high as Rs 103,000 per tola.
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According to Fenegosida, gold price has dropped due to a decline in its price in the international market. On Thursday, the price of spot gold fell 1.6 percent to $ 1,823.14 per ounce.
Reuters, an international media, has reported that gold price has been in a falling trend recently after investors flocked to the US dollar citing a possibility that the US Federal Reserve could hike the interest rate aggressively. “Gold is highly sensitive to rising US interest rates, which increase the opportunity cost of holding non-yielding bullion,” the Reuters reports.
Along with gold, the price of silver also fell by Rs 10 to Rs 1,240 per tola in the domestic market. In the international market, the price of spot silver fell 4.3 percent per ounce on Thursday, hitting its lowest since July 2020, according to the report.
