On Monday gold was traded at Rs 49,800 per tola. Gold had shed Rs 1,850 per tola on Sunday as well.[break]
Though gold price went down to as low as $1,535 per troy ounce in the international market, Nepal Gold and Silver Dealers´ Association (Negosida) fixed the price a little higher in the local market. As the price of yellow metal has gone down ahead of the festive season, buyers investing on raw gold have increased in the local market.
Tej Ratna Shakya, president of Nepal Gold and Silver Dealers´ Association, attributed the decline in price to the announcement of $1.5 trillion relief package by the US government.
“The supply of gold in US has increased, but demand hasn´t. This is the reason behind drop in prices,” added Shakya.
Uttam Shakya, proprietor of Surya Bahadur & Sons Jewelry shop at Wotu, said though the demand for raw gold has increased people are still hesitating to buy jewelries as they expect the prices to go down further.
The yellow metal recorded the highest price of Rs 54,200 per tola in the domestic market on September 6.
Uttam expects prices to climb on Tuesday, as the price in the international market has already shown upward trend.
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