News Summary
Editorially Reviewed.
- The Nepal Gold and Silver Traders Association has set the gold price at Rs 275,500 per tola for Monday.
- The gold price has dropped by Rs 34,000 within a week; it reached Rs 339,300 per tola on Magh 15 (January 29).
- The conflict in West Asia has led to a rise in oil and US dollar prices, causing a decline in gold and silver prices.
9 Chaitra, Kathmandu – On Monday, the price of gold declined by Rs 6,500 per tola. It had dropped by Rs 12,500 the previous day.
The Nepal Gold and Silver Traders Association fixed the gold price at Rs 275,500 per tola for Monday.
The previous day’s price stood at Rs 282,000 per tola. Over the span of one week, gold has lost Rs 34,000 in value.
Last Monday, gold was traded at Rs 309,500 per tola, and on Magh 15 (January 29), it reached an all-time high of Rs 339,300 per tola.
The escalating conflict in West Asian countries has caused oil prices to soar, leading countries to require more US dollars for purchases. This increase in dollar demand has driven the US dollar’s value higher. International media report that the greater amount of dollars collected through gold sales has caused a significant drop in gold prices.
Globally, the spike in oil prices has triggered inflationary pressures, prompting calls for interest rate hikes worldwide. This has put additional downward pressure on gold and silver prices.
On Monday, silver prices dropped by Rs 115 per tola. The previous day, silver traded at Rs 4,540 per tola but slipped to Rs 4,425 per tola on Monday.
Over the week, silver prices declined by Rs 840 per tola. Last Monday, silver was traded at Rs 5,265 per tola, while on Magh 15 it had peaked at Rs 7,505 per tola.
