Price of precious metals on a free fall

Kathmandu, March 11

The price of precious metals dropped in the week of March 5 to 10, reacting negatively to an anticipated interest rate hike by the Federal Reserve — the central bank of the United States — on March 15.

Gold was traded at Rs 55,400 per tola when the market opened on Sunday. While its price remained constant on

Monday, the price of the yellow metal spiralled downward over the remaining four days — down Rs 400 a tola to Rs 55,000 per tola on Tuesday, down Rs 300 a tola to Rs 54,700 per tola on Wednesday, down Rs 400 a tola to Rs 54,300 per tola on Thursday and down Rs 300 a tola to Rs 54,000 per tola on Friday.

Bullion price slumped by Rs 1,400 a tola or 2.53 per cent over the course of the week.

Similarly, silver was priced at Rs 820 per tola on Sunday. The rate of the white metal dipped by five rupees a tola to be priced at Rs 815 per tola on Monday. On Tuesday, silver price dropped by Rs 10 a tola to Rs 805 per tola. On Wednesday and Thursday, the white metal edged down by five rupees a tola to be priced at Rs 800 and Rs 795 per tola, respectively. Silver price fell by another Rs 10 a tola on Friday to close the week at Rs 785 per tola.

Over the six trading days of the week, silver price slumped by Rs 35 a tola or 4.27 per cent.