Kathmandu, Feb. 7: The price of gold in the domestic market decreased Rs 23,600 amid an easing of geopolitical tensions and profit booking from trading of gold that reached the historic high of Rs 339,300 per tola  previous week.

According to the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA), the market price of gold fell to Rs 295,200 from Rs 318,800 per tola when the market closed the previous week. On Sunday, the market started the weekday trading by a notable fall of Rs 18,800.

On Monday, it declined Rs 13,400, followed by an addition of Rs 3,700 and Rs 14,400 on the consecutive two days. On Thursday, the price of precious yellow metal again slumped Rs 14,400 per tola. On Friday, the price further declined by Rs 4,200 to close for the week.  

According to international media, the fall in gold price was due to heavy selling across commodities, equities, and metals after Kevin Warsh was nominated as the next US Federal Reserve chair. “A stronger US dollar, margin hikes, easing geopolitical tensions, and profit booking after record highs combined to push gold lower.”

Along with gold, the price of silver also declined by Rs 2,355 per tola in Nepali market. In the review period, the price slumped to Rs 4,710 from Rs 7,065.