Gold price drops by Rs 200, traded at Rs 118,400 per tola: FENEGOSIDA

KATHMANDU: The domestic bullion market has observed a rollercoaster of a ride this week. After an initial fall, gold had increased in yesterday’s update. However, price of the bullion has modestly dropped today.

According to Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA), value of fine gold decreased by Rs 200 to stand at Rs 118,400 per tola. Tejabi gold declined to Rs 117,850 per tola. Meanwhile, value of silver fell to Rs 1370 per tola.

Gold is driven by a multitude of factors in the international markets. However, in recent days, US-based fundamental factors, especially Federal Reserve announcements and reports, are deeply influencing the bullion markets. The global financial markets remain uncertain about the timing and frequency of interest rate cuts this year bringing some resemblance of confusion.