Bullion prices drop

Kathmandu, August 18:

Gold price in the local bullion market has dropped this week with a fall in price of

precious yellow metal in the international market.

The price of gold dropped by Rs 190 per 10 gram in the local market. The trading of hallmark gold that opened at Rs 14,450 per 10 gram on Sunday settled

at Rs 14,260 on Friday, according to Nepal Gold and Silver Dealers’ Association (NEGOSIDA).

Now, the hallmark gold will cost Rs 16,633 per tola in the local market.

The gold price dropped along with crash in global stock markets, as the precious yellow metal used to cover up losses in equity trading, states NEGOSIDA’s report. On the other hand, the US dollar slightly gained this week.

It further states that the gold price dropped for the first three days, but it went up to Rs 14,460 on Thursday. However, it dropped to Rs 14,260 on the last day. In the international market, the gold price dropped to $648 per ounce this week from $663 a week ago. The price of silver also dropped significantly this week, as it settled at Rs 270 per 10 gram from the opening Rs 291.