Devaluation of US Dollar pushes gold price

The price of gold has increased by Rs 900 per tola (11.664 gm) to settle at Rs 51,900 per tola in the domestic market on Friday, March 27, 2015, last week.

According to Federation of Nepal Gold and Silver Dealers’ Association, the gold was traded at Rs 51,000 per tola on Sunday, last week. However, the price fell to Rs 50,950 per tola on Monday.

The price of the precious metal started upward trend from Wednesday to Rs 51,200 per tola and Rs 51,800 per tola on Thursday.

Similarly, the price of silver also increased by Rs 15 per tola to Rs 725 per tola on Friday from Sunday’s Rs 710 per tola, last week.

The main reason behind the soaring of gold price is due to the devaluation of US dollar, said the Federation. “US dollar along with Euro and other major international currencies have also devalued compared to previous week.”