Himal Press 
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KATHMANDU: Gold prices in the domestic market fell to Rs 271,700 per tola (11.664 grams) on Friday, extending the decline after a sharp drop in international markets.
The Federation of Nepal Gold and Silver Dealers Association had fixed the price of gold at Rs 283,000 per tola for Sunday. The price rose to Rs 284,300 on Monday and remained unchanged on Tuesday, Wednesday and Thursday due to Tihar holidays.
The price set for Friday represents a decline of Rs 12,600 per tola from Monday’s rate.
In the international market, gold prices fell 3% on Thursday, extending losses for a third consecutive session and hitting a more than one-year low, according to Reuters. The decline came as rising oil prices, amid fading hopes for peace in the Middle East, fueled concerns about higher inflation and interest rates, the news agency added.
US gold futures for December delivery settled 2.9% lower at $3,885.30 per ounce on Thursday.
Since Nepal meets all its gold demand through imports, any change in the prices of precious metals is directly reflected in the domestic market.
