Gold prices in the domestic market fell sharply by Rs 18,800 per tola (11.66 grams) on Sunday, February 1, bringing the price down to Rs 300,000 per tola, after reaching record highs last week.
According to the Federation of Nepal Gold and Silver Dealers’ Associations, the price of fine gold was fixed at Rs 300,000 per tola on Sunday, down from Rs 318,800 per tola last Friday. Just a day earlier, on Thursday, fine gold had surged to an all-time high of Rs 339,300 per tola, reflecting strong momentum in both domestic and international markets.
Price volatility has been pronounced throughout the week. Fine gold was traded at Rs 309,300 per tola on Tuesday before it surged to Rs 318,800 per tola on Wednesday.
Silver price also recorded a steep decline, mirroring the trend in gold. It dropped to Rs 5,500 per tola on Sunday from Rs 7,065 per tola on Friday. Last Thursday, silver had been traded at Rs 7,505 per tola.
Gold had crossed the Rs 300,000 per tola threshold for the first time on January 23, when the price of hallmark gold jumped by Rs 9,200 in a single day to reach Rs 301,400 per tola.
The sharp correction in local prices follows developments in the international market. Gold, which had climbed to a record level just below $5,600 per ounce last Thursday after breaching the $5,000 mark for the first time earlier in the week, was trading at $4,865 per ounce on Sunday.
“On Friday, however, prices fell 12.6% as of 1840 GMT, headed for its biggest daily percentage fall ever, as the dollar firmed after U.S. President Donald Trump named former Federal Reserve Governor Kevin Warsh as his choice to lead the U.S. central bank when Jerome Powell’s term ends in May,” Reuters reported.
Silver, which had come close to crossing $120 per ounce in the international market last week, was trading at around $85 per ounce.
you need to login before leave a comment
Write a Comment
Comments
No comments yet.