KATHMANDU, March 28: The price of gold in the domestic market decreased 13,500 per tola (11.6638 grams) amid fluctuation in bullion price on international market due to ongoing tension in the Middle East region.
According to the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA), the market price of gold fell to Rs 281,000 from Rs 294,500 per tola when the market closed the previous week. On Sunday, the market started the weekday trading with a heavy decline of Rs 12,500.
Gold and silver prices drop
On Monday, it further went down Rs 6,500 per tola while it declined further by Rs 1,600 on the following day. On Wednesday, gold price bounced back with a gain of Rs 14,600 per tola. However, the bullion price again declined Rs 2,900 and Rs 4,600 per tola, respectively, in the following two days.
Along with gold, the price of silver also decreased Rs 225 per tola in Nepali market. In the review period, the price slumped to Rs 4,670 from Rs 4895.
According to the FENEGOSIDA, the prices of precious metals in the review period were influenced by a number of factors including negative impacts on Strait of Hormuz due to US-Iran war, soaring price of crude oil, strengthening of the US dollar and profit booking by investors on bullion.
