Gold price goes up to trade at Rs 118,600

KATHMANDU: Price of gold climbed in the domestic markets today after three consecutive bearish days. 

According to Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA), price of fine gold soared by Rs 600 to reach Rs 118,600 per tola. Tejabi gold also increased to Rs 118,050 per tola. However, the price of silver remained at Rs 1,375 per tola. 

The prices of yellow metal had climbed for the first time in the local markets since February 2. 

The bullion market had managed modest gains after a pullback in the US Dollar. 

The financial markets will closely monitor the speeches of eight members of Federal Open Market Committee (FOMC) this week to measure the likely prospects of interest rate cuts this year.