KATHMANDU, May 16: The price of gold in the domestic market had a modest fall of Rs 1,400 per tola (11.6638 grams) at a time India, one of the largest purchasers of gold from the global market, stepped up to restrict its import.
According to the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA), the market price of gold fell to Rs 298,500 from Rs 299,900 per tola when the market closed the previous week. On Sunday, the price of the precious metal decreased by Rs 1,000 per tola, which declined further by Rs 400 on the next day.
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On Tuesday, the price inclined Rs 4,400, followed by a marginal decline of Rs 700 and a nominal gain of Rs 300 on the two consecutive days. The price of precious metal plunged by Rs 4,000 on Friday, the last trading day of the week.
The price of silver increased Rs 115, from Rs 5,275 to Rs 5,390 per tola.
The FENEGOSIDA said the fluctuations in prices of bullion were due to multiple reasons, which include the tension on Strait of Hormuz, investors selling gold to secure their capital gains, strengthening of the US dollar and continuing instability in global geopolitical situation.
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