Gold price drops by Rs 400 per tola; traded at Rs 118,000 today

KATHMANDU: The price of fine gold dropped by Rs 400 today to trade at Rs 1,18,000 per tola, according to Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA). Likewise, Tejabi gold is valued at Rs 1,17,450 per tola. However, price of silver increased to Rs 1400 per tola, a rise of Rs 20. 
The yellow metals price had stood at Rs 1,18,400 per tola since 21 January 2024.  
In the international markets, gold slid due to expectation of numerous US-related reports which could provide clues on the interest rate cuts. 
The metals price was hit hard by increasing chances that the Federal Reserve, the central bank of USA, will reduce rates later this year. 
The markets will focus on Advance GDP (q/q) report and ECB Press Conference tonight for further cues on the direction of the bullions.