Gold price falls to Rs 280,300 per tola; silver to Rs 3,825 in domestic market

KATHMANDU: Fine gold is being traded at Rs 280,300 per tola in the domestic market today, down Rs 3,200 per tola from Thursday's rate, according to Federation of Nepal Gold and Silver Dealers' Association (FENEGOSIDA). Silver is being traded at Rs 3,825 per tola, down Rs 105 from the previous day's price.

The decline follows gains earlier in the week. Fine gold stood at Rs 278,500 per tola on Sunday before rising to Rs 281,500 on Monday, Rs 282,300 on Tuesday and Rs 283,200 on Wednesday. The yellow metal climbed further to Rs 283,500 on Thursday before retreating today.

Silver followed a more volatile trend. It traded at Rs 3,955 per tola on Sunday and increased to Rs 3,995 on Monday before dropping to Rs 3,970 on Tuesday. The price edged up to Rs 3,980 on Wednesday and fell to Rs 3,930 on Thursday, with the downward trend continuing on Friday.

In the international market, spot gold is trading at around $3,999 per troy ounce on Friday, while spot silver is trading at about $51.5 per troy ounce. Both precious metals are lower in daily trading.

Despite the latest decline, domestic bullion prices remain below the recent peak recorded on October 18, when fine gold was traded at Rs 290,200 per tola and silver at Rs 4,185 per tola. The rates followed a period of about a week during which domestic bullion prices remained unchanged during the Dashain festival holidays.

(One tola is equivalent to 11.66 grams and one troy ounce is equivalent to 0.375 tola.)