Businessmen say that the fall in gold prices in the global market has also had an impact on the price decline in the domestic market.
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The price of gold in the Nepali market has decreased by 36,000 rupees per tola in the last one week. On 3 Chaitra, the price of gold was 309,900 rupees per tola, but on 10 Chaitra, it has remained at 273,900 rupees per tola.
Traders say that the fall in the price of gold in the global market has also had an impact on the price in the domestic market. Since the Iran war began on 28 February, that is, on 16 Falgun, the price of gold in the international market has decreased by 15 percent until Monday. Since that day was a Saturday, the price of gold in Nepal was not fixed.
It reached 320,500 rupees on 17 Falgun, 326,100 on 18 Falgun and 328,600 rupees on 19 Falgun. Then it reached 319,000 on 27 Falgun. Since then, the price of gold has been continuously decreasing. And, in the last one week, it has decreased by 36,000 rupees and traded at 273,900 rupees per tola on 10 Chaitra (Tuesday). While on 3 Chaitra, it was 3 lakh 9 thousand 900 rupees per tola.
According to experts, the international price has continued to decline due to the large-scale sale of gold by countries including Russia and the UAE. According to the World Gold Council, Russia has sold about 15 tons of gold from its reserves in the first two months of this year after starting to use government assets.
Similarly, international media outlets have reported that the Turkish central bank has also started discussions on buying foreign currency by selling gold. It is said that the price of the yellow metal has also declined due to the decrease in the ability of West Asian countries, which buy more gold, to invest in gold after the increase in oil prices due to the Iran war.
Although the price of gold has declined since Chaitra is the 'off-season' in terms of sales, there has been no activity in the market, said Kiranbhai Vajracharya, spokesperson for the Federation of Nepal Gold and Silver Dealers. Anil Sharma, CEO of the Nepal Bankers Association, said that gold has not been imported since the first week of Falgun due to lack of sales.
