Precious Metals Extend Decline as Gold and Silver Prices Drop for Second Consecutive Day ➤

Precious Metals Extend Decline as Gold and Silver Prices Drop for Second Consecutive Day

Nepal's Gold and Silver Market Witnesses Continued Pullback, Dragging Prices Down and Impacting Bullion Trading Activities

The precious metals market in Nepal experienced another day of downward price movement on June 3, as gold and silver prices continued their descent for the second consecutive day. The decline in these highly sought-after commodities has sent ripples across the bullion trading community, impacting both investors and consumers alike.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the price of fine gold witnessed a substantial drop of Rs 1,000 per tola, settling at Rs 141,000 per tola. Similarly, the price of tejabi gold, a popular alternative for jewelry and ornamental purposes, fell to Rs 140,300 per tola.

This downward trend in gold prices follows the previous day’s decline, where fine gold was traded at Rs 142,000 per tola, and tejabi gold stood at Rs 141,300 per tola.

The silver market also experienced a dip, with prices declining by Rs 15 to reach Rs 1,835 per tola, further compounding the bearish sentiment in the precious metals sector.

The consecutive drops in gold and silver prices have raised concerns among traders and market analysts, who are closely monitoring the factors influencing these fluctuations. Potential reasons for the price decline could include shifts in global demand, fluctuations in currency exchange rates, changes in mining production levels, and geopolitical tensions impacting the overall market dynamics.

As Nepal’s bullion market grapples with this period of volatility, investors and consumers alike are advised to exercise caution and seek professional guidance before making investment decisions. Market experts recommend diversifying portfolios and adopting a long-term perspective when dealing with precious metals, as short-term fluctuations are common in this sector.

With the precious metals industry playing a crucial role in Nepal’s economy and cultural traditions, the impact of these price movements extends beyond the trading floors, affecting various sectors, including jewelry manufacturing, investment portfolios, and even traditional ceremonies where gold and silver hold significant cultural and symbolic value.