Gold price down by Rs 4,000 per tola this week

KATHMANDU: Gold price fell by Rs 4,000 per tola (11.664 grams) this week and was traded at Rs 136,900 on Friday.

According to the Federation of Nepal Gold and Silver Dealers Association (Fenegosida), gold trading opened at Rs 140,900 per tola on Sunday. The price climbed to Rs 141,800 to reach an all-time high on Monday. The price, however, fell to Rs 140,600 per tola on Tuesday and further to Rs 140,500 per tola on Wednesday.

The price fell significantly to Rs 138,700 per tola on Thursday and further to Rs 136,900 on Friday.

Gold fell to more than a week’s low in the international market on Thursday, extending its decline for a third straight session, as investors grew apprehensive over US rate cut timings and on strength in US business activity, Reuters news agency said. Spot gold fell 1.8% to $2,336.39 per ounce, its lowest since May 13, while US gold futures settled 2.3% lower to $2,337.20 per ounce.

Fenegosida fixes gold and silver prices in the domestic market taking into account different market factors. Prices are fixed every day and sent to gold dealers by 11 am.

The price of silver also fell this week and was traded at Rs 1,855 per tola on Friday.