The price of gold dropped by Rs 400 per tola (11.66 grams) in Nepal’s domestic market on Wednesday, November 13.

According to the Federation of Nepal Gold and Silver Dealers' Association (Fenegosida), fine gold is now being traded at Rs 162,200 per tola, down from Rs 162,600 on Tuesday.

Earlier on October 31, gold price peaked in the domestic market to a record high of Rs 171,000 per tola. The record was set when preparations were in full swing for Tihar celebrations.

However, the precious yellow metal became cheaper by Rs 2,800 per tola last Tuesday, November 5—when the Fenegosida set the new trading rate after Tihar holidays. Despite a slight increase of Rs 300 per tola the following day, gold saw a major decline of Rs 4,000 per tola on Thursday, which the industry insiders attributed to the strengthening US dollar following Donald Trump's US election victory.

The fluctuation continued, with the resurgence of price by Rs 2,000 per tola on Friday following the US Federal Reserve cutting its key interest rate by 25 basis points. 

 

The bullion prices fell for four consecutive days this week, by Rs 600 on Sunday and Rs 1,000 on Monday. 

In contrast, the price of silver showed an upward movement, increasing to Rs 1,940 per tola on Wednesday from Rs 1,925 the day before.