The price of fine gold has fallen sharply by Rs 6,200 per tola to Rs 95,400 per tola. According to the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA), the bullion price nosedived Rs 6,199 per tola from Tuesday’s price to trade at Rs 95,400 per tola.
Earlier on Tuesday, the gold was trading at Rs 101,599 per tola on Tuesday. The heavy price decline in the domestic market follows a heavy correction of the gold price in the international market, according to gold dealers.
In the international market, the price of gold has plunged to nearly $1,863 per ounce on Wednesday from $2,075 on August 7. The reference rate set by the FENEGOSIDA daily is largely dictated by the price of the yellow metal in the international market.
The price of the precious yellow metal has remained on an upward trend for the past few months. In Nepali market, its price jumped to a record high of Rs 103,500 per tola on Friday (August 7). Dealers say that they were observing a slump in the demand of gold in the eve of festive season due to the surge of the precious yellow metal’s price to cross Rs 100,000-mark.
However, the price started to retrace from Sunday. Analysts say that the gold price rally was largely driven by the growing demands of the precious yellow metal due to looming uncertainty in the wake of COVID-19 pandemic.
As gold is considered to be a safe haven for investors during the period of uncertainties, the pandemic combined with other factors like the economic contraction and China and the US tensions have led to a surge in the demands of gold.
However, the recent sell-off of the gold to book profit by investors as well as news about the vaccine of COVID-19 is attributed to the fall of the gold price in the last few days.
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