Gold price down to Rs 282,000 per tola

KATHMANDU: Gold and silver prices declined in the domestic market on Sunday, continuing a downward trend seen over the past few weeks.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the price of hallmark gold dropped by Rs 12,500 per tola (11.664 grams) to Rs 282,000. Silver also fell by Rs 355 per tola to Rs 4,540.

On Friday, the association had fixed the gold price at Rs 294,500 per tola, while silver was traded at Rs 4,895.

Gold was traded in the international market at around $4,563.64 per ounce on Sunday.

The prices of the precious metal have been declining since the first week of March, largely influenced by the ongoing Gulf crisis and a stronger dollar. On March 1, gold was priced at Rs 320,500 per tola. It rose to Rs 326,100 on March 2 and Rs 328,600 on March 3 before dropping to Rs 317,600 the following day.

Prices remained relatively stable until the second week of March, but fell again, reaching Rs 309,500 on March 15 and Rs 302,300 on March 19. The downward trend continued, with prices slipping to Rs 294,500 on March 20.

As Nepal relies entirely on imports to meet its gold demand, fluctuations in international prices are directly reflected in the domestic market.