Down by Rs. 4,500! Massive Single-Day Gold Crash Hits Nepal
Domestic precious metal benchmarks hit a steep low as fine gold slips to Rs. 294,000 and silver drops to Rs. 5,060 per tola.
The domestic bullion market witnessed a substantial downward correction today, as prices for precious metals registered a sharp single-day decline. According to the daily bulletin released by the Federation of Nepal Gold and Silver Dealers' Association (FENEGOSIDA), the benchmark price for fine gold plummeted by Rs. 4,500 per tola, resetting its market value at Rs. 294,000, down from the previous trading session's high of Rs. 298,500. Parallel tracking was observed in secondary gold segments, with Tejabi gold similarly shedding Rs. 4,500 to close at Rs. 293,300 per tola, compared to its prior valuation of Rs. 297,800. Mirroring the bearish momentum in the gold sector, the industrial and decorative silver markets also faced significant downward pressure. Silver prices retreated by Rs. 330 per tola, contracting from Rs. 5,390 to settle at Rs. 5,060. Market analysts note that this aggressive pricing adjustment represents one of the sharpest intraday contractions in recent consecutive trading cycles, offering a brief reprieve for industrial buyers and consumers alike amid ongoing market volatility.