KATHMANDU, June 13: The price of gold in the domestic market fell by Rs 17,000 per tola (11.6638 grams) over the past week following the government's revision of customs duty on gold imports and amid persistent geopolitical tensions in the Middle East.
According to the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA), the price of gold dropped to Rs 292,000 per tola from Rs 309,000 when the market closed the previous week. Gold prices fell by Rs 8,200 on Sunday, while a single-day decline of Rs 10,100 was recorded on Wednesday, followed by a further drop of Rs 5,100 the next day.
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The price of silver also saw a sharp decline of Rs 390 per tola last week, falling from Rs 5,230 to Rs 4,840.
According to Forbes, the decline in bullion prices was influenced by inflation concerns, strong jobs data in the United States, and a heightened likelihood of interest rate hikes by the Federal Reserve, making bonds more attractive to investors seeking higher returns.
