Gold became cheaper by Rs 500 per tola in Nepal on Tuesday, October 1.

According to the Federation of Nepal Gold and Silver Dealers Association, the price of fine gold for the day has been fixed at Rs 160,000 per tola (11.66 grams), down from Rs 160,500 the previous day.

This marks the price drop for the three consecutive days after a record-breaking week .

The precious yellow metal has been on a record-breaking spree this year. Industry insiders say intensifying conflict in the Middle East, Russia-Ukraine war, combined with the US Federal Reserve's cutting interest rates by 0.5 percentage points, after nearly four years, have weakened the dollar and driven up gold prices.

Silver prices also slightly dropped on the day, from Rs 1,940 per on Monday to Rs 1,925.