Silver also retreats sharply after hitting record highs earlier this week
KATHMANDU, DECEMBER 30
Gold price in the domestic market witnessed a steep correction on Tuesday, plunging by Rs 7,900 per tola in a single day, as the recent rally lost momentum, according to the Federation of Nepal Gold and Silver Dealers' Association.
With the sharp fall, the price of fine gold dropped to Rs 262,100 per tola on Tuesday. The decline comes just two days after gold touched a historic high of Rs 270,600 per tola on Sunday, crossing the Rs 270,000 mark for the first time in Nepal's market.
After reaching the record level, gold failed to sustain its upward trend and began retreating. Prices had already slipped by Rs 600 per tola on Monday, before recording a much steeper fall on Tuesday.
Silver price also followed a similar trajectory, declining sharply by Rs 305 per tola on Tuesday to settle at Rs 4,595 per tola, the federation said.
Silver had been on a strong upward run in recent weeks and reached an all-time high of Rs 4,895 per tola on Monday. However, like gold, it failed to maintain the momentum and corrected sharply the following day.