Kathmandu, May 4
Gold price came down by Rs 800 per tola, while the price of silver too fell by Rs 20 a tola over the trading week between April 28 and May 3.
According to the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), the bullion market opened on Sunday with gold price fixed at Rs 59,800 per tola. However, gold price increased by Rs 100 a tola on Monday to be traded at Rs 59,900 per tola. On Tuesday, price of the yellow metal came down by Rs 200 per tola to settle at Rs 59,700 a tola.
Similarly, price of gold further dropped by Rs 100 a tola the next day to Rs 59,600 per tola. On Thursday, price of gold declined by Rs 300 per tola to Rs 59,300 a tola. Price of gold fell by Rs 300 a tola on Friday to close the week’s trading at Rs 59,000 per tola.
Meanwhile, silver price was fixed at Rs 730 per tola on Sunday and it remained constant on Monday. However, on Tuesday, silver price came down to Rs 725 a tola declining by five rupees per tola and remained the same on Wednesday. On Thursday, price of silver fell by Rs 10 a tola to Rs 715 per tola.
Price of silver fell by five rupees a tola on Friday to close the week’s trading at Rs 710 per tola.
As per FeNeGoSiDA, the bullion price fell due to strengthening of the US dollar in the international market, which dented the appeal of gold. Likewise, the Indian currency also became stronger in the review period, which in turn caused the gold price to drop in the Nepali market.
According to Reuters, gold prices on Friday hovered near the fourmonth low hit in the previous session, after the US Federal Reserve dampened expectations of a rate cut in the near term, boosting the dollar and setting the bullion on course for a weekly drop.