Monday, May 20, 2013

Gold drops to 22-month low

Following the cue from international market, the gold price today further dropped to a 22-month low of Rs 48,697 per tola (11.664 gram) in the domestic market today.
The regular price drop in the international market and strengthening of dollar has pulled the precious yellow metal price down in the domestic market, according to the Nepal Gold and Solver Dealers Association (Negosida).
The price has dropped yesterday — the first day of the week — by Rs 651 per tola, making it to Rs 49,099 per tola and the bearish trend in bullion seems to continue, it said, adding that the price of silver also dropped by Rs 20 to Rs 830 per tola — the 27 months low — today.
The international market is expected to witness a fall in gold price to $1,320 per ounce, which will further bring down the price in the domestic market.
The price of the precious yellow metal had touched a record high of Rs 62,000 per tola in the domestic market on September 14, 2012.
Earlier, it was traded at Rs 49,000 on August 9, 2011 before touching the high last September.

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