Gold Price further declining

Thursday saw a further decline in the price of gold on the local market, with the precious metal losing Rs 700 per tola.

The Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA) reports that pure gold is currently selling for Rs 117,500 per tola, which is a significant drop from the price of Rs 118,200 per tola the day before.

In a similar vein, the price of standard gold has dropped to Rs 116,950 from its Wednesday valuation of Rs 117,650 a tola.

The start of the month of Magh corresponds with this ongoing drop in gold prices. Magh 1 recorded a value of Rs 119,500 per tola, which was followed by Magh 2’s and Magh 3’s values of Rs 119,400 and Rs 118,200, respectively.

Notably, on December 28, the price of gold hit an all-time high of Rs 122,000 per tola.

Silver saw a slump in unison with the loss in gold, falling by Rs 10 per tola and trading at Rs 1,390 per tola on Thursday.