KATHMANDU, June 27: The price of gold in the domestic market decreased by Rs 7,600 per tola (11.6638 grams) after the USA and Iran agreed to maintain ceasefire along with opening of the Strait of Hormuz easing the oil supply globally.
According to the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA), the market price of gold declined to Rs 279,100 from Rs 286,700 per tola when the market closed the previous week. The gold price escalated on the first two days of the week as it went to a straight fall on the consecutive three days. It was on Friday the gold price increased Rs 800 to close the week-long trading.
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The price of silver also slid by Rs 460 last week, declining from Rs 4,640 to Rs 4,180 per tola.
According to FENEGOSIDA, the bullion prices were affected by the USA and Iran agreeing on cease-fire and opening of Strait of Hormuz, declines in oil price, and decline in interest rate by the Federal Reserves and possibility of increasing return on US treasury due to this reason are among the factors that helped deplete investors' attraction towards the precious metals.
