KATHMANDU, Sept 6: The price of gold in the domestic market increased by Rs 6,800 per tola (11.6638 grams) last week, taking the price of the precious metal to a new height of Rs 210,400 per tola.
According to the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA), the price of the precious metal escalated throughout the weekdays. The price stood at Rs 203,600 per tola on Sunday, while it crossed Rs 210,000 per tola on Friday.
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The FENEGOSIDA said the gold price was largely affected by the actions of central banks of a number of countries in the review period. “As the apex monetary institutions look for increasing the gold stocks by lowering their reserves of US dollar, it helped increase the demand for the precious metal by significant quantities in the international market,” reads the press statement of the federation.
Reuters, an international media, stated that gold prices rose due to an expectation of investors that the Federal Reserve could cut interest rates further. “Gold observes a powerful rally with prices just cents away from US $3,600 per ounce, as weak US jobs data further raised expectations for bullion-supportive Federal Reserve rate cuts,” Reuters reports.
Meanwhile, the price of silver also increased Rs 65 per tola. In the review period, the price of silver soared to Rs 2,490 per tola from Rs 2,425 per tola.
