Himal Press 
KATHMANDU: Gold prices surged by Rs 13,300 per tola (11.664 grams) in the domestic market on Thursday, reversing the decline recorded in the aftermath of the Dashain holiday.
According to the Federation of Nepal Gold and Silver Dealers’ Association, hallmark gold is being traded at Rs288,900 per tola on Thursday, up from Rs 275,600 on Wednesday.
The latest increase is the biggest single-day gain in recent trading.
The domestic gold market has witnessed sharp fluctuations since reopening after the Dashain holiday. On October 25, the first day of trading after the holiday, the price of gold fell by Rs 11,700 per tola to Rs 278,500.
Prices subsequently recovered, rising to Rs 281,500 per tola on October 26, Rs 282,300 on October 27, Rs 283,200 on October 28 and Rs 283,500 on October 29.
The upward trend reversed on October 30, when the yellow metal fell to Rs 280,300 per tola.
The decline continued in November, with the price dropping by Rs 8,300 to Rs 272,000 per tola on November 1. It then gradually recovered to Rs 274,300 on November 2, Rs 275,000 on November 3 and Rs 275,600 on November 4, before Thursday’s sharp jump.
The latest surge in domestic prices follows a strong rally in the international bullion market. According to Reuters, gold prices climbed nearly 2% on Thursday, reaching a two-week high as a weaker US dollar and declining US Treasury yields supported demand for the precious metal.
Spot gold rose 1.9% to $4,134.83 per ounce, hitting its highest since October 22. Bullion climbed about 3.4% on Wednesday, its biggest daily gain since August 19, Reuters said in its report.
Since Nepal meets all its gold demand through imports, any price movement in the international market is directly reflected in domestic prices.
