Gold falls Rs 8,300 per tola in a week to Rs 272,000; silver drops Rs 175 to Rs 3,650

KATHMANDU: Fine gold is being traded at Rs 272,000 per tola in the domestic market today, down Rs 8,300 per tola from the rate recorded on Friday, according to the Federation of Nepal Gold and Silver Dealers' Association (FENEGOSIDA).

Silver is being traded at Rs 3,650 per tola, a decrease of Rs 175 per tola from last Friday's price of Rs 3,825.

The sharp decline comes after bullion prices retreated significantly over the past week. Fine gold was traded at Rs 280,300 per tola on Friday, while silver stood at Rs 3,825 per tola.

In the international market, spot gold is trading at around $3,875 per troy ounce, while spot silver is trading at about $49.1 per troy ounce. Both precious metals are lower than their levels recorded a week ago, reflecting weakness in the global bullion market.

Compared with last week's rates, gold has fallen by nearly 3%, while silver has also posted a notable decline during the same period.

Despite the latest drop, 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.

FENEGOSIDA publishes daily bullion rates based on movements in the international market and domestic demand conditions.

(One tola is equivalent to 11.66 grams and one troy ounce is equivalent to 31.1035 grams.)