Kathmandu, February 9:

Gold prices closed higher in the domestic market but failed to improve on the all-time pinnacle of Rs 18,950 per 10 gram struck the previous week.

On the local bullion market, the precious yellow metal firmed to Rs 18,820 when the market closed on Friday, from Rs 18,690 per 10 gram a day before. The price of hallmark gold closed Rs 45 higher from Sunday’s opening of Rs 18,775.

On Monday, the price rose to Rs 18,820 but it dropped to Rs 18,690 on Tuesday and Rs 18,520 on Wednesday. However, it bounced back to Rs 18,690 on Thursday before closing at Rs 18,820 on Friday. At this new price tag, the precious yellow metal, which is mostly used for jewelries in Nepal, would cost Rs 21,952 per tola.

Nepal Gold and Silver Dealers’ Association (NEGOSIDA) cites interest rate cut by FED for the fourth times pushed the gold price higher in the international market, which is reflected in domestic trading. The instability in global crude prices and devaluation of US dollars despite the interest rate cut by the FED, pushed the price of gold up.

The precious yellow metal, which was traded at a historic high $926 per ounce last Friday, dropped to $910 this week in the international market, adds NEGOSIDA.

Elsewhere, silver priced dropped to Rs 343 per 10 gram this week. In the domestic market, silver price closed at Rs 343 per 10 gram on Friday against its opening Rs 347.