Gold Prices Plummet, Silver Also Sees Decline

The domestic gold market in Nepal witnessed a significant decline today, with the price of gold plummeting by Rs 1,200 per tola on Wednesday. The Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA) reported that fine gold is currently being traded at Rs 118,200 per tola, marking a sharp decrease from Tuesday’s rate of Rs 119,400 per tola.

This downward trend comes after the momentum of gold prices surged to a record high of Rs 122,000 per tola on December 28, triggering concerns among investors. As the month of Magh began, the market experienced a reversal, with the price recorded at Rs 119,500 per tola on Magh 1 and a further dip to Rs 119,400 per tola on Tuesday.

Similarly, standard gold is now being traded at Rs 117,650 per tola, compared to Rs 118,850 per tola on Tuesday, indicating a broad-based decline in gold prices.

In addition to gold, the price of silver also experienced a notable drop of Rs 15 per tola. The current rate for silver stands at Rs 1,400 per tola, down from Tuesday’s rate of Rs 1,415 per tola.