Gold price up by Rs 1,000

Kathmandu, June 5

Gold and silver prices increased by Rs 1,000 and Rs 10 per tola, respectively, today in the domestic market as the bullion price increased in the international market. Gold was traded at Rs 55,300 per tola and silver price was fixed at Rs 755 a tola today.

Last week, gold price had closed at Rs 54,300 a tola and silver at Rs 745 per tola. The prices of the precious metals in the domestic market are governed by the rates set in the international market.

Earlier, bullion price in the international market witnessed a declining trend due to assumptions that the US Federal Reserve would hike interest rate in June. However, there is doubt now of an interest rate hike by the US Fed this June due to the ‘weakest monthly job growth rate since 2010’ reported in the US, on Friday. This has helped rally gold price in the international market.

On the other hand, the British vote on whether to leave the European Union may further delay the US Fed’s rate hike plan.