The price of gold has taken a nosedive in Nepal, marking a second consecutive day of declines in the Himalayan market. According to the Federation of Nepal Gold and Silver Dealers Association, the precious metal is currently trading at Rs 1,34,500 per tola on Wednesday, a substantial Rs 2,700 drop from Tuesday’s closing rate of Rs 1,37,200 per tola.
The domestic slump in gold prices has been attributed to a 2% decrease in international markets, as confirmed by Mohan Khanal, President of the traders’ association. He explained that rising crude oil and metal prices have dampened the demand for gold, consequently forcing Nepalese dealers to adjust their rates accordingly.
In Nepal, gold and silver traders traditionally base their pricing on a combination of global and local market dynamics. Gold, in particular, is widely regarded as a preferred investment and trading commodity among Nepalis, owing to its liquidity and relative stability.
