The price of gold has dropped by Rs 1,000 per tola (11.66 grams) in the domestic market on Monday, November 11.

According to the Federation of Nepal Gold and Silver Dealers' Association (Fenegosida), fine gold is being traded at Rs 165,000 per tola, down from Rs 166,000 the previous day.

Earlier on October 31, gold price peaked in the domestic market at Rs 171,000 per tola. It declined by Rs 2,800 last Tuesday, followed by a small increase of Rs 300 the following day. Thursday saw a significant drop of Rs 4,000 per tola, attributed to the strengthening US dollar following Donald Trump’s victory in the presidential election.

However, the price resurged last Friday following the reduction in the key interest rate by 25 basis points by the US Federal Reserve, according to industry insiders.

Silver also saw a minor decline on Monday, dropping by Rs 5 per tola to Rs 1,955.