KATHMANDU, FEBRUARY 1 Gold prices in the domestic market declined sharply for the second consecutive day on Sunday, retreating further after touching a historic high last week. According to the Federation of Nepal Gold and Silver Dealers' Association, the price of fine gold fell by Rs 18,800 per tola on Sunday and is being traded at Rs 300,000 per tola in the Nepali market. The decline follows a sharp correction after gold surged by Rs 20,500 per tola on Thursday to reach a record Rs 339,300 per tola. The price then dropped by the same margin on Friday to Rs 318,800 per tola, before easing further over the weekend. Meanwhile, silver price also declined significantly in the domestic market. Silver, which had climbed to Rs 7,505 per tola on Thursday, fell to Rs 7,065 per tola on Friday and further dropped to Rs 5,500 per tola on Sunday, the federation said. In the international market, gold was being traded at around USD 4,865 per ounce, while silver stood at approximately USD 85 per ounce, according to international media reports. The recent volatility in precious metal prices is attributed to fluctuations in the international market and domestic demand dynamics.