Gold prices goes south

KATHMANDU: Gold on Thursday was traded for Rs 29,800 per tola (11.664 grams). With a record price of Rs 30,052 per tola on Wednesday, it observed a minimal fall by Rs 252 per tola on Thursday. According to Nepal Gold and Silver Dealers' Association (NEGOSIDA), the international gold price has pushed the price of bullion in the domestic market. Gold price in the international market is also around $1054 per ounce which was $1,057 per ounce on Wednesday, they said. Similarly, silver price has also come down to Rs 441.50 per 10 gram. It was Rs 443 per 10 gram on Wednesday. The international price has a

direct impact on the domestic market as the NEGOSIDA fixes prices according to the international price.

However, the forex rate between the Nepali rupee and the American dollar also plays a vital role in the price. The US dollar vis-a-vis Nepali rupee is weak in recent months keeping

the gold price under control otherwise, it would have gone to Rs 40,000 per tola. — HNS