KATHMANDU, SEPTEMBER 30
The price of precious metals decreased in the trading week between September 24 and 29.
Federation of Nepal Gold and Silver Dealers' Association (FeNeGo- SiDA) has accredited the drop in prices to increasing selling pressure of gold in the American market and strengthening of the greenback.
Analysts have also said that since the price of crude oil has dropped in the world market, it has had a positive effect on the world economy and dampened the allure of gold. "This trend is likely to continue for sometime," reads a statement issued by the federation.
Owing to the impact of decrease in price of gold in the international market, there was a significant drop in the price in the Nepali market as well. In the domestic market, gold price slumped by Rs 3,400 per tola, while the price of silver fell by Rs 35 a tola during the review week.
According to the rate list of FeNe- GoSiDA, gold price was fixed at Rs 112,200 per tola when the market opened for trading on Sunday and remained unchanged on Monday.
The price of gold went on to decrease by Rs 400 a tola on Tuesday.
The price of yellow metal decreased by Rs 800 per tola on Wednesday before plunging again by Rs 1,400 a tola to Rs 109,600 per tola on Thursday.
The price of yellow metal fell further by Rs 800 a tola on Friday to settle at Rs 108,800 per tola for the trading week.
Meanwhile, silver was traded at Rs 1,430 a tola on Sunday and it remained unchanged on Monday. On Tuesday, the price of the grey metal fell by Rs 30 per tola before decreasing by Rs 15 a tola on Wednesday.
The price of silver dropped by five rupees a tola on Thursday before increasing by Rs 25 per tola on Friday to settle at Rs 1,395 per tola for the week.
According to international news agencies, gold prices extended declines on Friday and were on track for monthly and quarterly declines on expectations that the US central bank may keep interest rates higher for longer.
A version of this article appears in the print on October 1, 2023, of The Himalayan Times
