The price of precious metals witnessed a southward trend in the trading week between October 9 and 14.

In the domestic market, gold price decreased by Rs 1,900 per tola, while silver price fell by Rs 70 a tola during the review week.

According to the rate list of Federation of Nepal Gold and Silver Dealers' Association (FeNeGoSiDA), gold price was fixed at Rs 96,000 per tola when the market opened for trading on Sunday.

Its price declined by Rs 800 a tola to be traded at Rs 95,200 per tola on Monday.

The price of the precious yellow metal fell by Rs 1,200 a tola on Tuesday before increasing by Rs 200 per tola on Wednesday. Its price remained unchanged on Thursday. The price of precious yellow metal fell again by Rs 100 a tola on Friday to settle at Rs 94,100 per tola for the week.

Meanwhile, silver was traded at Rs 1,255 a tola on Sunday. Its price fell by Rs 25 per tola on Monday before falling again by Rs 15 a tola on Tuesday, as per the FeNe- GoSiDA. The price of the grey metal declined by Rs 15 per tola on Wednesday to Rs 1,200 a tola before increasing by Rs 10 per tola on Thursday.

On Friday, silver prices fell by five rupees per tola to settle at Rs 1,185 a tola for the week.

According to Reuters, gold slipped on Friday and was on track for a weekly fall as a stronger US dollar and prospects of more steep rate hikes from the Federal Reserve dented demand for non-yielding bullion. "Physical gold buying improved in India this week as prices cooled ahead of the Dhanteras and Diwali festivals later this month, while Chinese premiums stayed elevated amid robust demand."

A version of this article appears in the print on October 16, 2022 of The Himalayan Times.