KATHMANDU, Sept 13: The price of gold in the domestic market increased by Rs 5,400 per tola (11.6638 grams) last week, taking the price of the precious metal to a new record of Rs 215,800 per tola.
According to the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA), the price of the precious metal escalated from Rs 210,400 last week. On Sunday, the gold price inclined by Rs 1,600 per tola to Rs 212,000.
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On Monday, the price dropped Rs 400 per tola, followed by an increase of Rs 3,100 per tola on Tuesday. It remained stable at Rs 214,700 per tola on Wednesday. In the following two consecutive days, the price declined Rs 500 per tola on Thursday, while it again rose by Rs 1,600 on Friday.
Reuters, an international media, stated that gold prices rose due to the Federal Reserve having to cut interest rates. “The metal has gained 1.7% so far this week and is poised for a fourth consecutive weekly advance. Weaker employment and spotty inflation... priced in with the Fed having to cut rates is pushing metals higher because there is the risk of longer-term inflation,” Reuters reports.
Meanwhile, the price of silver also increased Rs 75 per tola. In the review period, the price of silver soared to Rs 2,565 per tola from Rs 2,490 per tola.
