KATHMANDU, March 14: The price of gold in the domestic market increased Rs 800 per tola (11.6638 grams) amid persisting tension in the Middle East and growing risk of short supply of petroleum products.
According to the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA), the market price of gold increased to Rs 314,200 from Rs 313,400 per tola when the market closed the previous week. On Sunday, the market started the weekday trading with a gain of 3,500.
Gold price reaches all-time high of Rs 156,800 per tola
On Monday, it declined by Rs 3,700 while it surged again by Rs 3,800 on the following day. On Wednesday, the price increased Rs 2,000 per tola as it bounced back with an equal amount on the following day. The price of precious yellow metal fell Rs 2,800 on Friday to close for the week.
Along with gold, the price of silver also increased by Rs 50 per tola in Nepali market. In the review period, the price inclined to Rs 5,495 from Rs 5,445.
According to the FENEGOSIDA, the prices of precious metals in the review period were influenced by the issue related to Strait of Hormuz caused by US-Iran war, high price rise of crude oil, International Energy Agency proposed to release 400 million barrel oil in international market and strengthening exchange rate of the US dollar.
