Gold slumps to three month low

Kathmandu November 19- The strengthening of the US dollar and expectations of the US central bank raising the interest rate next month after nearly a decade weighed on the price of precious metals. Consequently, gold slumped by Rs 500 to Rs 48,000 pertola and silver by five rupees to Rs 675 atola compared to Tuesday’s price list.

The prices of the precious metals in the domestic market are governed by the rates set in the international market. In the international market, gold prices hit their lowest in nearly six years on Wednesday, while silver dropped to a two-and-a-half month low. The last time gold was traded at a similar rate in the domestic market was on August 11 and silver on September 16. Back then also the price of precious metals had taken a beating as investors continued to trim holdings in response to US economic data, which showed the economic recovery gathering steam. Source: THT