Gold gains Rs 400; valued at Rs 118,400: FENEGOSDIA

KATHMANDU: Price of fine gold soared by Rs 400 to reach Rs 118,400 per tola, according to the latest price listing of Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA).

Likewise, Tejabi gold also increased to stand at Rs 117,850 per tola. Similarly, silver generated a modest gain of Rs 5 to trade at Rs 1,415 per tola. 

Bullion prices extended gains in the past few days in the domestic market. The forecast for the yellow metal has improved with commentary from Federal Reserve policymakers. The consensus that inflation is moving in the right direction has offset the impact of recently published Consumer Price Index (CPI) and Producer Price Index (PPI) data. 

Focus will now shift to FOMC Meeting Minutes scheduled for 12:45 am on Thursday followed by scores of Manufacturing PMI reports from Germany, Great Britain and the USA among others. FOMC Minutes will provide further clarity about the timing of the rate cuts. It will drive the bullion markets until the Fed declares its official reading in its next announcement.