Gold Plummets Rs. 5,500 in Single-Day Crash

The domestic bullion market experienced an unprecedented correction today as precious metal prices plunged across the board, led by a massive single-day crash in gold rates. According to the Federation of Nepal Gold and Silver Dealers' Association (FENEGOSIDA), the price of fine gold plummeted by a staggering Rs. 5,500 per tola, resetting its trading value to Rs. 285,000 per tola down from the previous day's close of Rs. 290,500. Mirroring this steep downward trajectory, Tejabi gold also shed Rs. 5,500 to lock in at Rs. 284,300 per tola. The bearish momentum rapidly extended into the silver market as well, where the white metal fell by Rs. 215 per tola to rest at Rs. 4,865 per tola compared to its prior rate of Rs. 5,080. Market analysts note that this dramatic domestic slide is a direct reflection of aggressive profit-booking and sharp fluctuations currently unfolding in the international financial markets.