Prices of gold and silver decreased significantly in local market on Friday.
The gold price declined by Rs. 1,200 per tola in the domestic market today compared to the price of Thursday.
According to the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA), the price of gold decreased to Rs. 90,800 per tola (11.664 grams) today from Rs. 92,000.
Likewise, the price of silver also fell by Rs. 55 per tola to Rs. 1,305.
Fluctuations in the international market price of gold and silver have impacted the domestic bullion market as well, said Tej Ratna Shakya, a gold trader and special member of the FENEGOSIDA.
The decline in gold price in the international market today was attributed to fall in its price in the local market.
Gold price in the international market decreased by US$ 36 per ounce to US$ 1,786 on Friday, he said.
In the international market, gold price decreased by US$ 92 per ounce over a week from US$ 1,878 on Sunday.
Meanwhile, gold price has dropped by Rs. 3,100 in a week. The gold was traded at Rs. 93,900 per tola on Sunday.
Shakya predicted that the gold price might fall further.
Foreign investors, especially in the United States of America, are encouraged to invest in other sectors instead of gold, which contributed to the decline in gold price, he said.
He, however, said that the price of gold did not drop in domestic market at par the fall in the international market price due to the devaluation of Nepali rupees against the US dollar.
The Nepali rupee has depreciated continuously for the last few days. The Nepal Rastra Bank (NRB) Friday fixed the selling exchange rate of one US dollar at Rs, 118.83.
NRB had fixed the selling exchange rate of a dollar at Rs. 117.22 for Sunday.
Source : TRN,
