Kathmandu, May 28 The price of precious metals slumped by over two per cent in the week of May 22 to 27, as its demand slumped in the international market owing to speculations of the US central bank raising interest rates in June or July. “With the US Federal Reserve likely to hike the interest rate in the coming months, the prices of precious metals have come under pressure in the international market,” says a statement issued by the Federation of Nepal Gold and Silver Dealers’ Association. The price of precious metals in the domestic market is governed by the rates set in the international market. Gold price slumped by Rs 1,600 per tola or 2.86 per cent in the week. On Sunday, the bullion was priced at Rs 56,000 a tola and its price remained constant on Monday. On Tuesday, gold price dropped by Rs 200 per tola to be traded at Rs 55,800 a tola. On Wednesday, the price of precious yellow metal plunged by Rs 700 to be traded at Rs 55,100 per tola. On Thursday, gold price again dropped by Rs 100 to Rs 55,000 a tola. On Friday, price of the yellow metal again plunged by Rs 600 to close the week at Rs 54,400 per tola. Similarly, silver price also plunged by Rs 20 per tola or 2.6 per cent during the review period. Silver was traded at Rs 770 per tola on Sunday. Its price dropped by five rupees to be traded at Rs 765 a tola on Monday. The next day, price of the white metal fell by five rupees again to be traded at Rs 760 per tola. Silver was traded at the same price on Wednesday and Thursday. On Friday, the price of the white metal slumped by Rs 10 per tola to be traded at Rs 750 a tola.