Gold price dips by 900 per tola

Kathmandu, Aug 27: Gold price witnessed a fall of Rs 900 per tola (11.66 grams) in the domestic market today.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the fine yellow metal was traded at Rs 72,600 per tola today.

On Monday, gold touched the highest price so far in the country. It was traded at 73,500 per tola, the ever highest.

Likewise, the price of 22 carat gold for today was Rs 72,300 per tola.

However, despite slight fall in gold price, the price of silver remained unchanged today. It was traded at Rs 860 per tola.

With the beginning of the current fiscal year that started on July 17, the price of gold witnessed a dramatic rise. In period between July 17 and August 17, its price increased by Rs 7,000 per tola while the silver’s price went up by Rs 95 per tola.

On July 17, the price of pure gold was Rs 64,500 per tola while the 22 carat gold was traded at Rs 64,200 per tola and the price of silver was Rs 745 per tola.

The price of gold is on the rise in the international market with a growing value of the US dollar.

The trade war between China and America and the Iran- US dispute are presented as contributing factors to the significant rise in the gold price.

The unexpected price rise has affected its supply, as the demand has significantly shrunken these days, the Federation said.