As the major international stock markets recorded a drop in share prices and crude oil prices remained stable, the gold price dropped by Rs. 250 per 10 gram this week.
Price of gold was Rs. 15,725 on Sunday but closed at Rs 15,475 on Friday. The gold price fell considerably to US$ 660 per ten grams this week, down from US$ 775 of a week earlier.
“Concerned over the health of the US economy, there was a rally to sell gold, which brought down its price,” said Tej Ratna Shakya, president of Nepal Gold and Silver Dealers Association.
On the other hand, despite the rupee versus dollar ended at the same rate of Sunday on the last trading day. The Nepali currency was traded at Rs 71.19 a dollar on Friday.
The Nepali currency lost its shine against the euro. The rupee was exchanged at Rs. 94.16 a euro on Friday, from Rs. 93.49 of Sunday. Similarly, the rupee fell against the pound sterling, trading at Rs. 139.62 a pound on the last day, compared to Rs. 139.45 of Sunday.
The rupee continued its downward spiral against the Japanese yen. The Nepali currency began at Rs. 5.87 per ten yen and ended at Rs. 6.03 on Friday.
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