Gold Prices Plunge by Over Rs 10,000 per Tola in Massive Single-Day Drop
The Federation of Nepal Gold and Silver Dealers' Association (FENEGOSIDA) reported an unprecedented single-day crash in the bullion market today, as fine gold plummeted by Rs 10,100 per tola, slipping well below the Rs 300,000 mark.
The domestic precious metals market witnessed one of its sharpest single-day corrections in recent history today. According to the daily report released by the Federation of Nepal Gold and Silver Dealers' Association (FENEGOSIDA), the price of fine gold plummeted by a staggering Rs 10,100 per tola. With this massive drop, fine gold is currently trading at Rs 291,800 per tola, down from the previous session's record high of Rs 301,900 per tola. In tandem with fine gold, Tejabi gold also experienced an identical decline of Rs 10,100 per tola, settling at Rs 291,100 per tola compared to Rs 301,200 on the previous day. Market analysts attribute this steep correction to sudden shifts in international commodity benchmarks, breaking a prolonged bullish rally in the local market.