Kathmandu, August 11:

Gold price in the local bullion market has dropped this week due to a marginal gain of US dollar against major global currencies.

The price of precious yellow metal drooped by Rs 240 per 10 gram in the local market. The trading of hallmark gold that opened at Rs 14,490 per 10 gram on Sunday settled at Rs 14,250 on Friday, according to Nepal Gold and Silver Dealers’ Association. In the new price tag, the hallmark gold in the local market costs Rs 16,621 per tola.

The gold price dropped along with stagnant crude prices in the international market as well as a slight improvement in the US dollar, states the NEGOSIDA’s report. It further states that the market remained constant for the first two days and the price dropped to Rs 14,440 on Tuesday, but rose to Rs 14,450 on Wednesday and Rs 14,480 on Thursday. The price dropped to Rs 14,250 on the last day of the week. In the international market, the gold price dropped to $663 per ounce from last week’s $665 per ounce.

The price of silver also dropped to Rs 291.50 per 10 gram this week.