Gold price declines further to Rs 118,000

KATHMANDU: The price of bullions has reduced further in the domestic markets. 

According to the Federation of Nepal Gold & Silver Dealers’ Association (FENEGOSIDA), price of fine gold slumped to Rs 118,000 per tola, a drop of Rs 500. Likewise, price of Tejabi gold decreased to Rs 117,450 per tola. 

Meanwhile, value of silver declined by Rs 15 to trade at Rs 1,375 per tola. 

Gold prices have tumbled sharply since the beginning of this week due to various reports and announcements from the USA signalling strengthening of the US Dollar. Since gold is considered an alternative form of investment, appreciating dollar drives gold downwards.