KATHMANDU, JANUARY 17 – The domestic gold market in Nepal has seen a sharp decline in prices, with the cost of gold dropping by Rs 1,200 per tola on Wednesday. This decrease has been significant, with fine gold now being traded at Rs 118,200 per tola, marking a significant decrease from the previous day’s rate of Rs 119,400 per tola, according to the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA).
The price of gold had reached a record high of Rs 122,000 per tola on December 28 but has since been on a downward trend with the start of the month of Magh. On Monday, the price was recorded at Rs 119,500 per tola and further decreased to Rs 119,400 per tola on Tuesday.
In addition to gold, the price of silver has also experienced a drop of Rs 15 per tola, with the current rate being Rs 1,400 per tola, down from Tuesday’s Rs 1,415 per tola. Similarly, the standard gold is now being traded at Rs 117,650 per tola, compared to Rs 118,850 per tola on Tuesday.
Insight: The decrease in the price of gold and silver in the domestic market may be attributed to a variety of factors such as changes in international gold prices, currency exchange rates, and fluctuations in demand. It is also important to consider the impact of geopolitical events, economic performance, and consumer sentiment, all of which can influence the price of precious metals. Investors and consumers are advised to monitor market trends and stay informed about the various factors that can affect the prices of gold and silver.
