Gold price climbs Rs 500 to trade at Rs 123,500

KATHMANDU: Fine gold’s price soared in the domestic market reaching Rs 123,500 per tola, a hike of Rs 500 from the previous day, according to Federation of Nepal Gold & Silver Dealers’ Association (FENEGOSIDA).

Tejabi gold also increased to Rs 122,900 per tola. However, silver dropped by Rs 5 to stand at Rs 1440 per tola. 
Price of gold has been rising in the domestic market due to influx of news from the USA. As per Institute for Supply Management (ISM), PMI (Purchasing Managers’ Index) numbers for February fell to 52.6 from 53.4 in January. US monthly Factory Orders declined to -3.6% from the previous reading of -0.3%.

Markets will look forward to Fed Chair Jerome Powell’s speech tonight at 8:45 PM (NST). He is due to testify about the Semi-Annual Monetary Policy Report before the House Financial Services Committee. An array of reports and announcements during this week will also drive the short-term outlook for gold.