The price of gold in the domestic market saw another decline on Tuesday, November 26, following Monday's sharp drop, prompted by the government’s decision to reduce import duty on the precious metal.

In a single day, the price fell by Rs 15,900 per tola on Monday. The trend continued on Tuesday, with the price dropping by Rs 2,600 per tola. 

The Federation of Nepal Gold and Silver Dealers' Association (Fenegosida), has fixed the price of fine gold at Rs  148,700 per tola (11.66 gram).

The government has slashed the import duty on gold and silver each to 10 percent, from 20 and 15 percent respectively, in response to concerns over a surge in gold smuggling from India due to the price difference caused by higher import duties in Nepal.

Earlier in August, the price crossed the Rs 150,000 per tola mark for the first time in Nepal. The record breaking rally continued to hit Rs 171,000 per tola on October 31, the highest ever in Nepal so far.

Silver also saw a reduction in price on Tuesday, dropping Rs 25 per tola to Rs 1,82 0.