Gold prices go up for third consecutive day

KATHMANDU: prices of gold increased for a third consecutive day.

According to Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA), prices of fine gold and Tejabi gold surged by Rs 100 to reach Rs 118,700 per tola and Rs 118,150 per tola respectively. Meanwhile, value of silver remained at Rs 1420 per tola. 

Due to tensions in the Middle East region, bullion prices have obtained bullish momentum lately. However, all eyes will turn to tonight’s reports and statements from the USA. US markets will commence with the ADP Non-Farm Employment Change report at 7 PM NST. Federal Reserve will then be the focal point with announcement of Federal Funds Rate followed by the release of Federal Open Market Committee (FOMC) Statement. FOMC Press Conference at 1:15 AM NST will influence the volatility of US Dollar and provide cues on future plans of the Fed. A hawkish view is considered bullish for the greenback and bearish for bullions. Likewise, a dovish view is considered bearish for the US Dollar and bullish for the bullions.