The Nepali bullion market witnessed fluctuations in the first week of April, driven by shifts in the international market and local demand.
Weekly performance overview
The week opened on a high note, with gold priced at Rs 297,600 per tola on April 1. However, the precious metal recorded an immediate correction the next day, shedding Rs 3,600 to settle at Rs 294,000.
The most significant dip came on April 6, when gold prices hit a weekly low of Rs 291,400. Market analysts attributed the fluctuation to easing geopolitical tensions and a strengthening US dollar. However, the decline was short-lived, and by April 7, the metal began a recovery, climbing back to Rs 291,800.
Silver followed a similar trend. Starting the week at Rs 4,945 per tola, it dropped to Rs 4,780 the next day. It then stabilised mid-week at Rs 4,830 before closing the period at Rs 4,820.
Manik Ratna Shakya, former president of the Federation of Gold and Silver Dealers Association, said local rates continue to be heavily influenced by the international spot market, which remains sensitive to inflation data and central bank policies in the US and Europe.
He said the brief fluctuation was linked to easing geopolitical tensions and a weakening Indian currency against the US dollar. As the Nepali currency is pegged to the Indian currency, exchange rate movements directly affect domestic pricing.
Shakya added that demand in the domestic market, which typically slows between mid-March and mid-April, also contributed to price movements.
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