The price of precious metals declined in the trading week between April 24 and 29.

In the domestic market, gold price fell by Rs 1,700 per tola, while silver price slumped by Rs 40 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 100,500 per tola when the market opened for trading on Sunday. The price of the precious yellow metal fell by Rs 300 a tola to Rs 100,200 per tola on Monday. The gold price fell to Rs 99,300 a tola on Tuesday and to Rs 99,000 per tola on Wednesday. The precious yellow metal decreased to Rs 98,000 a tola on Thursday.

On Friday, however, it recovered some of its earlier losses. The price of yellow metal increased by Rs 1,200 per tola to close the week at Rs 99,200 a tola on the last trading day. Similarly, silver was traded at Rs 1,360 a tola on Sunday.

Its price fell by Rs 10 per tola to Rs 1,350 a tola on Monday, as per the FeNe- GoSiDA and was unchanged the next day. The price of the grey metal was southbound for the rest of the week. It fell by Rs 10 per tola to Rs 1,340 a tola on Wednesday, slipped by Rs 20 per tola to Rs 1,320 a tola on Thursday. The price of grey metal remained unchanged on Friday.

According to Reuters, gold prices rallied one per cent on Friday after the dollar retreated, but the metal was set to end the month lower on bets of aggressive policy tightening by the US Federal Reserve.

Spot gold was up 0.9 per cent at $1,911.14 per ounce by 1752 GMT. However, it was on course to post a decline of 1.4 per cent in April, its first monthly drop since January. US gold futures settled up 1.1 per cent at $1,911.70 per ounce. The dollar index fell 0.7 per cent after touching a 20-year high on Thursday, making gold less expensive for those holding other currencies, Reuters reported.

A version of this article appears in the print on May 01, 2022, of The Himalayan Times.