Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: Gold prices in Nepal recorded a sharp decline on Sunday, falling by Rs 4,800 per tola, according to the latest rate set by the Federation of Nepal Gold and Silver Dealers’ Association.
The federation fixed the price of fine gold at Rs 309,400 per tola for the day, down from Rs 313,200 per tola recorded in the previous trading session.
The latest drop comes weeks after gold touched its all-time high in the Nepali market. On Magh 15, the price of gold surged to a record Rs 339,300 per tola, reflecting strong global bullion demand and currency fluctuations affecting Nepal’s precious metals market.
Silver Prices Also Decline
Silver prices also followed the downward trend in the domestic market.
According to the federation, silver fell by Rs 225 per tola, bringing the price down to Rs 5,270 per tola on Sunday. In the previous trading day, silver had been traded at Rs 5,495 per tola.
Similar to gold, silver had earlier reached a historic peak in the Nepali market. On Magh 15, the price of silver climbed to a record Rs 7,505 per tola, the highest level ever recorded in Nepal’s bullion market.
Global Bullion Market Influence
Gold and silver prices in Nepal generally track fluctuations in the international bullion market, exchange rate movements of the Nepali rupee against the US dollar, and domestic demand from the jewelry and investment sectors.
Market analysts say the latest correction in precious metal prices reflects short-term adjustments in global gold prices and profit-taking by traders, although demand for gold in Nepal typically remains strong during festive seasons and wedding periods.
The decline is being closely watched by jewelry traders, investors, and consumers as Nepal’s precious metals market continues to react to global commodity price movements and domestic market demand.
Your email address will not be published. Required fields are marked *
Comment *
Name *
Email *
Website
Save my name, email, and website in this browser for the next time I comment.
