Gold drops, toes int'l price line
KATHMANDU: Gold price today dropped by Rs 400 per tola (11.664 gram) in the domestic market, though the market remained closed due to a state holiday to mourn former Prime Minister Girija Prasad Koirala's demise.
“The price of the precious yellow metal dropped in the domestic market in accordance with the international price,” said Tej Ratna Shakya, president of Nepal Gold and Silver Dealers' Association (Negosida). Gold today priced at Rs 27520 per 10 gram — Rs 32,100 per tola — and Rs 400 down a tola from Friday's closing of Rs 32,500.
“The dollar gained in the international market pulling the gold price down,” he added. In the international market, the price of the gold witnessed a fall of $17 per ounce. Shakya said that the domestic market fixed the price despite the public holday today “but there was no trading.”
The local bullion market reacts immediately when there is a difference of $10 per ounce price in the international market.
Meanwhile, silver also lost Rs 4.50 per 10 gram today. On Friday, silver was traded at Rs 429 per 10 gram but today it was Rs 424.50 per 10 gram.
Gold last week closed at Rs 27,865 per 10 gram — Rs 170 more than its opening price of Rs 27,695 per 10 gram last Sunday.
Silver last week opened at Rs 424.50 per 10 gram on Sunday but closed at Rs 429 per 10 gram last Friday.