Gold Prices Plummet in Nepal Amid Global Market Fluctuations

The price of gold in Nepal's domestic market dropped by Rs 6,400 per tola (11.6638 grams) last week, according to the Federation of Nepal Gold and Silver Dealers' Association (FENEGOSIDA). The market price of gold decreased from Rs 307,400 to Rs 301,000 per tola when the market closed on Friday.

The decline in gold prices was due to several factors, including strong US jobs data and a possible increase in interest rates by the Federal Reserve. This led to a decrease in gold prices for four days, with the largest decline being observed on Friday at Rs 4,800 per tola.

However, the price of gold increased by Rs 3,500 on Tuesday, followed by another slight decline on Wednesday and Thursday. The Federation of Nepal Gold and Silver Dealers' Association noted that these fluctuations were due to various market factors.