KATHMANDU, NEPAL:
The price of gold once again dropped today to reach a year low of Rs 49,099 per tola (11.664 gram).
On the first day of trading today, the domestic market witnessed a fall of Rs 651 per tola in gold price, according to Nepal Gold and Silver Dealers’ Association. On Friday, the precious yellow metal was traded at Rs 49,750 per tola in the domestic market.
The gold price is fixed in
the domestic market on the basis of international market price. “A drop of $20 per ounce today in the international market has pulled the price down in the domestic market,” the association added.
The international market is expected to witness a fall in gold price to $1,320 per ounce, which will further bring down the price in the domestic market, it said, adding that the strong dollar has also contributed to the lowering of the price of gold.
The price started to drop from mid-April. On April 15 and 16, prices dropped by Rs 6,300 per tola — on April 15 it dropped by Rs 3,300 and on April 16 it further plunged by Rs 3,000 — due to prices decreasing in the international market. The price of the precious yellow metal had touched a record high of Rs 62,000 per tola in the domestic market on September 14, 2012.
Source: The Himalayan Times, 20th May 2013
You may also like:
Nepal's foreign reserves rises to over Rs.474 billion
The price of gold once again dropped today to reach a year low of Rs 49,099 per tola (11.664 gram).
On the first day of trading today, the domestic market witnessed a fall of Rs 651 per tola in gold price, according to Nepal Gold and Silver Dealers’ Association. On Friday, the precious yellow metal was traded at Rs 49,750 per tola in the domestic market.
The gold price is fixed in
the domestic market on the basis of international market price. “A drop of $20 per ounce today in the international market has pulled the price down in the domestic market,” the association added.
The international market is expected to witness a fall in gold price to $1,320 per ounce, which will further bring down the price in the domestic market, it said, adding that the strong dollar has also contributed to the lowering of the price of gold.
The price started to drop from mid-April. On April 15 and 16, prices dropped by Rs 6,300 per tola — on April 15 it dropped by Rs 3,300 and on April 16 it further plunged by Rs 3,000 — due to prices decreasing in the international market. The price of the precious yellow metal had touched a record high of Rs 62,000 per tola in the domestic market on September 14, 2012.
Source: The Himalayan Times, 20th May 2013
You may also like:
Nepal's foreign reserves rises to over Rs.474 billion
0 comments:
Post a Comment