KATHMANDU, FEBRUARY 2 Gold price in the domestic market continued their downward trajectory on Monday, registering a sharp decline for the third consecutive day, according to the Federation of Nepal Gold and Silver Dealers' Association. The price of fine gold dropped by Rs 13,400 per tola on Monday and is being traded at Rs 286,600 per tola. The latest fall follows heavy corrections after gold touched a historic high of Rs 339,300 per tola last Thursday. Gold had surged by Rs 20,500 per tola in a single day on Thursday before retreating sharply by the same margin on Friday to Rs 318,800 per tola. The price further declined by Rs 18,800 per tola on Sunday to Rs 300,000 per tola, extending losses into the new week. Meanwhile, silver price also continued to decline. Silver, which had reached Rs 7,505 per tola on Thursday, fell to Rs 7,065 per tola on Friday and plunged to Rs 5,500 per tola on Sunday. On Monday, silver dropped by a further Rs 300 per tola to be traded at Rs 5,200 per tola. Market analysts attribute the sharp volatility in precious metal prices to fluctuations in the global market, profit-booking after record highs, and changes in domestic demand.