Kathmandu, April 5:

Nepal Gold and Silver Dealers’ Association (NEGOSIDA) this week on Tuesday lowered the price of gold to Rs 19,035 per 10 gram from its early morning’s rate of Rs 19,350 per 10 gram.

“Due to fall in price in the international market, we also lowered the price of gold and silver, both, at around 2:00 PM on Tuesday,” said Tej Ratna Shakya, president of NEGOSIDA. “We watch the international market till 2:00 PM then decide,” he added.

“Though, it’s not done regularly,” Shakya said, adding that the fall in price of gold in international market by $10 (in off season) and $5 (in season) per ounce compells us to lower or higher the price, accordingly.

However, the off-season in the local market and strong dollar in the international market have pulled the price of gold to Rs 19,035 per 10 gram (Rs 22,202 per tola) from the opening Rs 19,580 (Rs 22,838 per tola) — on the closing day Friday in the domestic market.

Gold, this week, continuously slipped down to Rs 545 less per 10 gram (Rs 636 per tola) at the closing on Friday from the opening price on Sunday. Every trading day witnessed a fall to as low as Rs 18,650 per 10 gram (Rs 21,753 per tola) on Wednesday due to comparatively stronger dollar and stable oil price in the international market.

On Thursday, however, it rebounced to Rs 19,035 per 10 gram from Wednesday and closed at the Thursday’s price on Friday. “The off-season took its tool in the domestic market,” NEGOSIDA says adding that the bullish trend — in the last couple of weeks — in the international market also saw the precious metal’s price fall flat to $903 per ounce from last Friday’s $945 per ounce.

Similarly, silver also witnessed a bearish trend this week. It opened with Rs 386 per 10 gram on Sunday but closed at Rs 377 per 10 gram — nine rupees less. Silver also witnessed two prices on Tuesday — Rs 384 at the opening and Rs 381 after 2:00 PM per 10 gram.