KATHMANDU, Sept 3: Gold price came down by Rs 122 per tola (11.664 grams) to Rs 59,778 in the local market on Monday after hitting a record Rs 59,900 per tola a day earlier.
Nepal Gold and Silver Dealers Association (Negosida), which fixes gold and silver prices in the domestic market, decreased gold price in the domestic market after the price of yellow metal dropped by $4 in the international market compared to Sunday.
Diyesh Ratna Shakya, secretary of Negosida, said gold price was lowered in the domestic market on Monday following drop in price in the international market. “Gold price is fluctuating in the international market because investors are looking for safe have due to fluctuating global stock market,” said Shakya.
Demand for gold generally increases during wedding season and major festivals like Teej, Dashain and Tihar. But traders say demand this year has dropped by around 50 percent ahead of the festive season compared to last year because of rise in prices.
Price of silver, however, remained unchanged at Rs 1,145 per tola on Monday.