Gold price drops Rs 5,000 per tola

Gold prices in the Nepali market fell by about Rs 5,000 per tola on Monday, the second trading day of the week.

According to the Federation of Nepal Gold and Silver Dealers' Associations, hallmark gold is now trading at around Rs 294,300 per tola. On Sunday, gold had risen by about Rs 700 per tola to reach Rs 299,300.

The decline came just a day after the price had started rising. The price of gold per 10 grams fell from about Rs 256,600 on Sunday to roughly Rs 252,315.

Silver prices also fell by about Rs 145 per tola. According to the federation, silver, which stood at Rs 4,655 per tola on Sunday, dropped to around Rs 4,510 on Monday. On Sunday, silver had risen by about Rs 35 per tola. The price per 10 grams of silver is now around Rs 3,867, down from about Rs 3,990 on Sunday.

Daily gold and silver prices in Nepal are set based on international market rates. In the international market too, gold fell to about $4,187 per ounce, while silver stood at around $62 per ounce.