Himal Press 
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KATHMANDU: Gold price fell sharply in the domestic market on Sunday after reaching a series of record highs in recent days.
According to the Federation of Nepal Gold and Silver Dealers’ Associations, the price of gold dropped by Rs 18,800 per tola (11.664 grams) on Sunday. The yellow metal is trading at Rs 300,000 per tola.
Gold was traded at Rs 318,800 per tola on Friday and Saturday. The market had hit an all-time high of Rs 339,300 per tola on Thursday, following an overnight gain of Rs 339,300 per tola.
The price of silver also declined by Rs 1,565 per tola to Rs 5,500 per tola on Sunday.
The sharp fall in domestic prices followed a steep correction in the international market. On the Comex exchange, spot gold was trading slightly above $4,879 per ounce, an 8.25% decline from its previous close. International prices had climbed above $5,500 per ounce on January 29, driven by strong safe-haven demand amid geopolitical tensions and global economic uncertainty.
Since Nepal meets all of its gold demand through imports, fluctuations in international prices are directly reflected in the domestic market.
