Kathmandu, May 31:

Gold price, unlike last week, closed lower this week.

The precious yellow metal closed at Rs 19,720 per 10 gram — Rs 22,572 per tola (11.446 gram) on Friday, the closing day of the week from Rs 20,705 per 10 gram — Rs 23,700 per tola — on Sunday, a whopping drop of Rs 985 per 10 gram but more than Rs 1,100 per tola in a week.

According to Nepal Gold and Silver Dealers’ Association (NEGOSIDA), the price of gold plummeted due to strong dollar. “The strong dollar, slip in oil prices and positive global share market have pulled the price of gold down,” states a NEGOSIDA press release.

The precious yellow metal in the local bullion market opened at Rs 20705 per 10 gram on Sunday and it remained constant for first three days till Tuesday. On Wednesday, the market was closed to celebrate the Republic Day.

However, the price on Thursday opened at Rs 20,230 and it plunged to close at Rs 19,720 per 10 gram on Friday, a fall of Rs 510 in a single day.

In the international market also, the gold was traded at $918 per ounce last Friday, but it dropped to $877 per ounce this Friday.

Similarly, the price of silver also witnessed a bearish trend this week. It plunged by Rs 25.50 to close at Rs 387 per 10 gram on Friday from the opening price of Rs 411.50 on Sunday.