Gold price plunges

KATHMANDU: Gold prices in the Nepali market saw a sharp decline on Sunday.

After hitting a record high on Friday, gold dropped by Rs 4,800 per tola, settling at Rs 253,200.

On Friday, the price of minted gold had reached Rs 258,000 per tola, setting a new record.

According to the Nepal Gold and Silver Dealers Association, this is one of the largest declines in recent times.

Dealers attribute the drop to volatility in international markets and changes in local demand.

Silver prices also fell, with rates dropping Rs 75 per tola from Friday’s Rs 3,350 to Rs 3,275 per tola on Sunday.