Gold price sliding below Rs 50,000

Kathmandu, April 17 – Gold price dropped sharply on Tuesday, sliding below Rs 50,000  per tola (11.6gms) for the first time in two years.

The price of the precious yellow metal plunged on Tuesday by Rs 2,586 per 10 gram (Rs 3,000 per tola) to Rs 42,440 per 10 gm (Rs 49,500 per tola). On Monday, gold price had plunged by Rs 2830 per 10 grams—the highest ever single day drop in the domestic bullion market. Earlier in mid-November 2011, the price of gold had fallen by Rs 2,155 per 10 gm.

Triggered by downturn in the international market, domestic market also saw downfall in the price.

However, gold price in New York reached as high as $1,387.40 per ounce at the later hours of Tuesday on the Comex division of the New York Mercantile Exchange, up from $1,400 an ounce early Tuesday.

Given this fact, domestic gold traders said that the price may go up on Wednesday.