KATHMANDU, JANUARY 17

The domestic gold market witnessed a significant decline, with the price of gold plummeting by Rs 1,200 per tola on Wednesday.

According to the Federation of Nepal Gold and Silver Dealers' Association (FeNeGoSiDA), fine gold is currently being traded at Rs 118,200 per tola, marking a sharp decrease from Tuesday's rate of Rs 119,400 per tola.

The momentum of gold prices, having surged to a record high of Rs 122,000 per tola on December 28, triggered a downward trend as the month of Magh began. On Monday, Magh 1, the price was recorded at Rs 119,500 per tola, followed by a further dip to Rs 119,400 per tola on Tuesday.

Similarly, the standard gold is now being traded at Rs 117,650 per tola, compared to Rs 118,850 per tola on Tuesday.

In addition to gold, the price of silver also experienced a drop of Rs 15 per tola, with the current rate being Rs 1,400 per tola, down from Tuesday's Rs 1,415 per tola.