Gold and silver prices in Nepal have dropped by Rs 1,200 and Rs 45 per tola respectively, reaching a new high in the domestic gold market.

On Sunday, the price of gold dropped by Rs 1,200 per tola on the local market.

The price of pure gold is currently trading at Rs 152,100 per tola, down from Rs 153,300 on Friday, according to the Federation of Nepal Gold and Silver Dealers' Association. In the local gold market, the price of gold had surged to a record high.

Likewise, the cost of silver experienced a reduction of Rs 45 per tola. Silver is currently trading for Rs 1,750 per tola, down from Rs 1,795 per tola on Friday.