September 23: The price of gold declined in the domestic market on Wednesday (September 23).

According to the Federation of Nepal Gold and Silver Dealers Association, the price of gold dropped by Rs 1200 per tola (11 grams approx.) on Wednesday as compared to the previous day. Gold is being traded for Rs 94,300 per 11 grams.

The price of gold had declined by Rs 1700 on Tuesday as well. The price was stable on Sunday but increased by Rs 200 per 11 grams on Monday.

Likewise, the price of silver also declined by Rs 40 per 11 grams. Silver is being traded for Rs 1190 per 11 grams.

The decline in prices of gold and silver in the Nepali market is a result of the decline in prices in the international market.

Earlier, the price of gold had crossed the mark of Rs 100,000 per 11 grams some weeks ago due to uncertainty caused by coronavirus and the trade war between USA and China. But the price started declining gradually after Russia announced vaccine for coronavirus. It is believed that international investors started investing  in gold amid global uncertainty, triggering a price hike.