Gold Prices Drop by Rs 4,000 per Tola This Week

The price of gold in Nepal experienced a significant decline this week, falling by Rs 4,000 per tola (11.664 grams) to trade at Rs 136,900 on Friday, according to the Federation of Nepal Gold and Silver Dealers Association.

Gold trading began at Rs 140,900 per tola on Sunday and surged to an all-time high of Rs 141,800 per tola on Monday. However, prices started to decline, dropping to Rs 140,600 on Tuesday and Rs 140,500 on Wednesday. The trend continued with a substantial drop to Rs 138,700 per tola on Thursday and further to Rs 136,900 on Friday.

This decline mirrors the international market, where gold hit a more than a week low on Thursday. According to Reuters, spot gold fell 1.8% to $2,336.39 per ounce, its lowest since May 13, while US gold futures settled 2.3% lower at $2,337.20 per ounce. The decline is attributed to growing investor apprehensions over the timing of US rate cuts and the strength in US business activity.

Fenegosida determines gold and silver prices in the domestic market by considering various market factors, with daily prices being set and communicated to gold dealers by 11 am.

In addition to gold, the price of silver also saw a decline this week, trading at Rs 1,855 per tola on Friday.