KATHMANDU, Jan 17: The price of gold in the domestic market increased Rs 9,400 per tola (11.6638 grams) last week.
According to the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA), the market price of gold increased to Rs 277,200 from Rs 267,800 per tola when the market closed the previous week. On the first two weekdays, the price of precious yellow metal escalated by Rs 2,800 and Rs 4,100 a tola, respectively.
Gold price rises by Rs 500 per tola, reaches all-time high of R...
On Tuesday the price went up by Rs 1800. On Wednesday, it surged Rs 1,500, followed by a decline of similar amount on the consecutive day. On Friday, the domestic price again increased Rs 700 per tola to close for the week.
The gold price last week was affected by multiple factors. According to FENEGOSIDA, the gold price fluctuated due persisting geopolitical tensions, the US Federal Reserve’s attempt to successively reducing interest rates, increase in gold purchase by central banks of a number of countries and uncertainty in business that drove investors’ towards purchasing gold.
Along with gold, the price of silver also inclined by Rs 865 per tola in Nepali market. The price climbed to historic high of Rs 5,655 per tola on Wednesday, while it marginally declined to Rs 5,645 per tola in the review period.
The surge in price of silver has been attributed to increased industrial demand for the precious metal along with the restriction imposed by China on its export.
