Gold was traded at Rs 50,000 per tola in the domestic market on the day. On Tuesday, gold was priced Rs 53,900 per tola in Nepal.[break]
In international market, the gold slid to $ 1,740 per troy ounce (31.103 grams) during the early trading Thursday, whereas it was traded at $ 1,904 on Tuesday and $1,846 on Wednesday.
"International price dipped because people started to sell gold, expecting the price to decrease further. This triggered downward spiral of the gold price," said Tej Ratna Shakya, president of Nepal Gold and Silver Dealer´s Association (Negosida).
Despite the drop, consumers perceived the prices of the yellow metal still high to start buying jewelry for the upcoming festive season. "Perhaps people are expecting the price to fall further; we did not receive orders even though the festive shopping has already begun," said Shakya.
Similarly, the price of silver also dropped to Rs 1,175 per tola on Thursday, compared to Rs 1,270 per tola on Tuesday. "If the price of gold falls, the price of silver is also expected to fall," said Shakya.
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