Gold price continues to decrease

Kathmandu, May 3:

Gold price continued to dip this week, too.

The precious yellow metal closed at Rs 18,300 per 10 gram — Rs 21,345 per tola (11.446 gram) on Friday, the closing day of the week from Rs 18,900 per 10 gram — Rs 22,045 per tola — on Sunday, a drop of Rs 600 per 10 gram in a week.

According to Nepal Gold and Silver Dealers’ Association (NEGOSIDA), the price of gold has come down due to strengthening of dollar. “The rate cut by the Fed and fall in crude prices also pulled the price of gold down,” says NEGOSIDA.

The precious yellow metal in the local bullion market opened at Rs 18,900 per 10 gram on Sunday from Last Friday’s closing of Rs 18,950 per 10 gram. On Monday and Tuesday, the price remained constant at Rs 18,900 but on Wednesday it plunged by Rs 295 to Rs 18,605 per 10 gram.

However, it surged by Rs 170 to Rs 18,757 on Thursday. But on Friday, the last day of this week’s trading at the local market, the price again plunged by Rs 475 per 10 gram, to close at Rs 18,300.

In the international market, the gold was traded at $890 per ounce last Friday. However, it dropped to $851 per ounce this Friday.

Similarly, the price of silver also witnessed a bearish trend this week. It plunged by Rs 9.50 to close at Rs 364.50 per 10 gram on Friday from the opening price of Rs 375 on Sunday.