KATHMANDU, OCTOBER 7
The price of precious metals decreased in the trading week between October 1 and 6.
Federation of Nepal Gold and Silver Dealers' Association (FeNeGoSiDA) has accredited the drop in prices to increasing selling pressure of gold in the American market and strengthening of the greenback.
However, with some decrease in selling pressure, the price drop of precious metals is likely to slow down in the coming days, as per analysts.
In the domestic market, gold price slumped by Rs 700 per tola, while the price of silver fell by Rs 50 a tola during the week.
According to the rate list of FeNeGoSi- DA, gold price was fixed at Rs 108,000 per tola when the market opened for trading on Sunday and its price decreased by Rs 100 a tola on Monday. The price of gold went on to decrease by Rs 1,300 per tola on Tuesday before recouping some of the loss by increasing Rs 300 a tola on Wednesday.
The price of yellow metal increased by Rs 400 per tola on Thursday to Rs 107,300 per tola and remained unchanged on Friday.
Meanwhile, silver was traded at Rs 1,360 a tola on Sunday and it fell by Rs 20 per tola on Monday. On Tuesday, the price of the grey metal fell by Rs 30 a tola to Rs 1,310 per tola and remained unchanged for the rest of the week.
According to international news agencies, gold prices gained on Friday, helped by a technical rebound after a nine-day losing streak, although robust US jobs data raised worries over another US rate hike and kept bullion on track for its second weekly drop.
A version of this article appears in the print on October 8, 2023, of The Himalayan Times
