KATHMANDU: The price of gold declined sharply by Rs 12,500 per tola on Sunday.
According to the Nepal Gold and Silver Dealers’ Federation, gold is being traded at Rs 282,000 per tola today, down from Rs 294,500 per tola the previous day. Over the past week, gold prices have fallen by Rs 27,400 per tola.
Last Sunday, gold was traded at Rs 309,400 per tola. Analysts attribute the recent decline in gold prices to fluctuations in the international market. As global oil prices rise, countries require more US dollars for imports, increasing demand for the dollar. A stronger dollar typically puts downward pressure on gold prices.
Additionally, rising oil prices have contributed to inflationary pressures worldwide, prompting expectations of higher interest rates. Increased interest rates tend to reduce the appeal of gold and silver, leading to a drop in their prices.
Meanwhile, the price of silver also fell by Rs 355 per tola on Sunday. It dropped from Rs 4,895 per tola the previous day to Rs 4,540 per tola.
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