Precious Metals Lose Shine: Gold and Silver Prices Sink for Third Straight Session
The domestic bullion market in Nepal continues to experience a significant cooling period as the prices of precious metals witnessed yet another sharp decline on Thursday. Following a persistent three-day downward trend, the price of gold has plummeted by a total of Rs 7,800 per tola over the past 72 hours, leaving investors and consumers closely monitoring the shifting market dynamics.
According to the latest data released by the Federation of Nepal Gold and Silver Dealers’ Association, fine gold is currently being traded at Rs 292,700 per tola. This marks a substantial decrease of Rs 1,800 from Wednesday’s closing price of Rs 294,500. This week’s rapid devaluation represents one of the more volatile periods for the yellow metal in recent months, as it retreats from previous highs.
The bearish sentiment has not been limited to gold alone; silver has also faced a considerable hit in the local market. The price of the white metal dropped by Rs 105 per tola on Thursday, bringing its current trading value to Rs 4,810 per tola. Just 24 hours prior, silver was valued at Rs 4,915, indicating a broader lack of demand or a reaction to international market fluctuations.
Market analysts suggest that these domestic adjustments often mirror global economic shifts, including changes in the US dollar’s strength and central bank policies. For local buyers, this sudden drop offers a brief window of opportunity before the wedding and festival seasons potentially drive demand—and prices—back up. However, for the time being, the “safe-haven” assets seem to be losing their luster as the market struggles to find a stable floor. As the week draws to a close, all eyes remain on the Federation’s daily fix to see if the streak will finally break or if further discounts are on the horizon for Nepali consumers.
