Gold price slides constantly

By A Staff Reporter

Kathmandu, Sept 2 : The price of gold has fallen continuously for the last week.

The Federation of Nepal Gold and Silver Dealers' Association (FENEGOSIDA) said that the price which started to go down on August 25 also fell on Thursday.

The price of gold dropped by Rs. 900 per tola in the domestic market Thursday as compared to its price on Wednesday.

According to the FENEGOSIDA, the price of gold decreased to Rs. 93,100 per tola (11.664 grams) today from Rs. 94,000 on Wednesday.

Likewise, the price of silver also decreased by Rs. 30 per tola to Rs. 1,100.

The price of gold decreased sharply on Thursday in the local market due to a decrease in its price in the international market, said Tej Ratna Shakya, a gold trader and special member of the FENEGOSIDA.

"Selling pressure of gold has resulted in a fall in its price in the international market as the international investors are encouraged to sell gold by ensuring profit," he said.

Fluctuations in the international market price have an impact on the domestic bullion market as well, he said.

The gold price has dropped by 2,700 per tola over a week. The gold was traded at Rs. 95,800 per tola on August 25, 2022.

Gold price in the international market has decreased by US$ 20 per ounce to US$ 1,705 today, he said. The price of gold was USD 1,725 per ounce in the international market on Wednesday. The gold price was USD 1,757 per ounce a week ago.

The present scenario shows that the price of gold would further decline in the international market, he said. "But, we cannot predict whether the price of gold will increase or decrease in this situation as it has been fluctuating significantly," he said.

Even though the price of gold has decreased during the season of the Teej festival, the demand for gold could not rise this year, he said.

Stating that there is a daily demand for 20 kgs of gold during Teej, he said that this is almost half compared to the demand for gold in Teej before the COVID-19 pandemic.