Kathmandu, September 28

The price of gold and silver dropped in the trading week between September 22 and 27.

According to the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), gold price was set at Rs 71,300 per tola on Sunday and remained constant the next day. On Tuesday, the price of the yellow metal increased by Rs 100 a tola to be traded at Rs 71,400 per tola. The price rise continued on Wednesday and reached Rs 72,000 a tola increasing by Rs 600 per tola.

As per Mani Ratna Shakya, former president of FeNeGoSiDA, the bullion price went down in the domestic market as the exchange rate of the US dollar strengthened and also due to low domestic demand.

“Price of gold has dropped due to internal reasons more than the international market,” he said. As per Shakya, gold dealers have slightly

reduced the price of the precious yellow metal as buyers continue to stay away and the banks remain flushed with stock of gold. “However, dealers are not selling gold at a loss as its price has also fallen in the international market,” he said.

Reuters reported that gold prices inched lower in the international market on Wednesday as some investors booked profit.

Consequently, on Thursday, gold price went down by Rs 1,000 per tola to Rs 7,1000 a tola. On Friday, its price again fell by Rs 200 per tola to close the market at Rs 70,800 a tola. Price of the bullion dropped by Rs 200 per tola in the review period compared to the

closing price of Rs 71,000 a tola in the previous week.

As per Reuters, gold pared some losses on Friday, after falling more than one per cent, as investors opted for the safety of the metal following reports the United States is considering delisting Chinese companies from US stock exchanges.

Meanwhile, silver price also declined slightly in the review week.

As per the federation, the grey metal was traded at Rs 865 per tola on Sunday and its price reached Rs 875 a tola the next day, going up by Rs 10 a tola. On Tuesday, silver price again increased by Rs 10 per tola to be traded at Rs 885 a tola. It again rose by five rupees a tola on Wednesday to be traded at Rs 890 per tola. However, silver price declined by Rs 25 a tola the next day to Rs 865 a tola. On Friday, the price again went down by five rupees a tola to close the week’s trading at Rs 860 per tola.

Silver price remained the same as previous trading week’s closing rate.