KATHMANDU, June 20: The price of gold in the domestic market decreased by Rs 5,300 per tola (11.6638 grams) amid the truce announcement over the US-Iran war.
According to the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA), the market price of gold declined to Rs 286,700 from Rs 292,000 per tola when the market closed the previous week. On Sunday, gold price edged up Rs 1,200, followed by a gain of Rs 5,000 and Rs 300, respectively, on two consecutive days. In the second half of the week, the price declined by Rs 1,200, Rs 100 and Rs 500, respectively.
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The price of silver also slid by Rs 200 last week, declining from Rs 4,840 to Rs 4,640 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, decline in oil price and decline in interest rate by the Federal Reserves, which helped deplete investors' attraction towards the precious metals.
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