KATHMANDU: The gold transaction surged in the wake of diminution of its market value after the start of the Badadashain festival, the Nepal Gold and Silver Dealers' Association said on Friday.

The price of a tola of hallmark gold which stood at Rs 58,300 on the Ghatasthapana, the day of Badadashain, has slumped to Rs 56,000 per tola today whereas the tejabi gold price continues at Rs 55,750 per unit.

The gold price has slumped by Rs 2,300 per tola with repeated reductions seen over the period after the Ghatasthapana, according to the Association.

The Association's Chairman Maniratna Shakya attributed the slump in the price of precious yellow metal to the reduction of the price in the international market.

Meanwhile, the price of silver has dropped to Rs 810 per tola from Rs 860.