The price of gold in the domestic market of Nepal decreased by Rs 500 per tola (11.66 grams) on Sunday, November 10, following an increase of Rs 2,000 per tola on Friday.
According to the Federation of Nepal Gold and Silver Dealers' Association (Fenegosida), fine gold is being traded at Rs 166,000 per tola.
On October 31, the price surged to Rs 171,000 per tola, marking an all-time high in Nepal. During the Tihar holidays, Fenegosida kept the price constant until Monday, November 4.
The price was then reduced by Rs 2,800 last Tuesday, followed by a small increase of Rs 300 on Wednesday. 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 resurgence in gold price the following day was due to the reduction in the key interest rate by 25 basis points by the US Federal Reserve, according to industry insiders.
Silver also became slightly cheaper on Sunday, with its price falling by Rs 20 per tola to Rs 1,960.
