The price of gold has dropped by Rs 10,000 per tola in the last one and a half months
By Rabindra Dhungel, 25 september 2020. The price of gold has dropped by Rs 10,000 per tola in the last one and a half months. The tola has declined by Rs 10,000 in the last one and a half months due to the recent decline in the international market. According to the Federation of Nepali Gold and Silver Entrepreneurs, the price of gold fell by Rs 10,400 to Rs 93,900 on Friday after reaching Rs 13,500 on July 8.
The price of gold, which has been rising continuously for a long time, has been gradually declining recently. Former FNCCI President Tejaratna Shakya informed that the price has come down due to the recent sale of gold in the international market.
He informed that the tola has decreased by Rs 10,000 in a month and a half due to the sudden increase in gold sales in the international market. “Under normal circumstances, when the stock market declines, the price of gold rises,” he said. “After the margin call in the international market, the price of gold has also declined this time.”
Shakya informed that the price has been gradually declining due to the recent sale of gold. The declining gold price in the international market has had a direct impact on the local market. According to the Federation of Nepali Gold and Silver Entrepreneurs, the price of gold, which has been steadily rising due to the Korana virus, has been gradually declining since the recent rise in sales in the international market. The price of gold, which was Rs 97,000 per tola on Sunday, fell by 3,900 tola to Rs 93,100 on Thursday, according to the federation.
Gold, which had traded at Rs 97,200 on Monday, had declined to Rs 95,500 on Tuesday. Similarly, the turnover decreased to Rs 94,300 on Wednesday, according to the federation. He estimates that the price of gold will come down to 90,000.