Gold price plunges by Rs. 2,500 per tola

The price of gold plunged by Rs. 2,500 per tola (11.664 gm) in a single day to reach Rs. 50,500 per tola in the domestic market on Sunday. Similarly, the price of the precious silver also dropped by Rs. 50 per tola to Rs. 824 per tola in the market. The traders have also reopened the business from today itself after the government agreed upon their demands. The government has agreed to formulate the market monitoring guidelines. The bullion market was closed for some 11 days due to the nationwide shut-down protest called by the gold traders and entrepreneurs. The bullion traders had been protesting against the joint inspection of gold and jewelry shops by the Department of Commerce and Supply Management (DoCSM) and Nepal Bureau of Standards and Metro logy, citing that it was “unsystematic”. nepalnews.com