Gold price surges by Rs 500 per tola; traded at Rs 119,200

KATHMANDU: Driven by international factors, price of gold soared in the Nepali market today making the yellow metal dearer to consumers.

According to Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA), fine gold reached Rs 119,200 per tola, an increase of Rs 500. Similarly, Tejabi gold also hiked to stand at Rs 118,650 per tola. Meanwhile, silver valued at Rs 1410 per tola, a drop of Rs 10.

In an action-packed trading session, US markets opened with the release of ADP Non-Farm Employment Change. The monthly report showed a change of 107K weakening the US Dollar and boosting demand for the bullion. The reported figure was significantly lower than previous reading of 158K. Although the Federal Reserve kept rates unchanged, markets were influenced by FOMC Statement and FOMC Press Conference which pressed home the notion that Federal Reserve was in no hurry to begin cutting interest rates. Focus will shift to various US-based labour data on Friday providing more clues on future plans for rate decisions.

READ ALSO:

• Gold price surges by Rs 500 per tola; traded at Rs 119,200
• Gold prices go up for third consecutive day
• Gold price drifts higher; traded at Rs 118,300 per tola