Gold Plunges Rs 4,500 per Tola as Silver Sheds Rs 155 in Nepal
Nepal's domestic gold market saw a sharp correction last week, with prices falling Rs 4,500 per tola to Rs 298,600, while silver dropped Rs 155 to Rs 4,620 per tola. The decline was driven by hawkish signals from the US Federal Reserve, which strengthened the dollar and pressured non-yielding bullion.
KATHMANDU, Sept 26 — The price of gold in Nepal's domestic market slumped Rs 4,500 per tola (11.6638 grams) last week, according to the Federation of Nepal Gold and Silver Dealers' Association (FENEGOSIDA).
The market price of gold decreased to Rs 298,600 from Rs 303,100 per tola when the market closed the previous week.
Over the period, the price of the precious metal inclined on Sunday with an addition of Rs 2,100, while it declined for the remaining five days. The price fell by the largest of Rs 3,200 on Thursday.
As per a report by Reuters, gold prices lost ground last week due to the Federal Reserve looking for increasing interest rates.
"Gold prices fell more than one percent to a near one-week low as hawkish signals from Federal Reserve policymakers bolstered rate hike expectations and powered the US dollar to two-month highs, weighing on non-yielding bullion."
The price of silver decreased Rs 155 last week, decreasing from Rs 4,775 to Rs 4,620 per tola.