Gold Price Drops Rs 2,100 Per Tola This Week

Gold prices in Nepal witnessed a decrease this week, with the price per tola (11.664 grams) dropping by Rs 2,100, settling at Rs 137,200 on Friday, according to the Federation of Nepali Gold and Silver Dealers’ Associations.

The trading week began with gold priced at Rs 139,300 per tola. However, by Monday, prices had decreased to Rs 138,720 and further plunged to Rs 135,500 on Tuesday. Despite a slight recovery to Rs 136,000 on Wednesday, prices fell again to Rs 135,800 before climbing back to Rs 137,200 by Friday.

This fluctuation comes amidst forecasts by market analysts predicting an increase in gold prices due to escalating conflicts in the Middle East, which are exerting upward pressure on the global market. In the international market, gold prices rose by 0.43% to $2,327 per troy ounce early on Friday. This is a decrease of 2.39% from last week but marks a 6.95% increase from the previous month, as reported by Forbes.

Silver also saw a decline this week, with prices falling by Rs 65, closing at Rs 1,665 per tola.

Given that Nepal’s gold and silver market relies entirely on imports, any variations in international market prices directly influence domestic prices. The Federation sets the daily prices for gold and silver by 11 am every day, except Saturdays.