Gold prices in Nepal recorded a sharp decline on Friday, providing relief to buyers after several days of elevated rates. According to the Federation of Nepal Gold and Silver Dealers' Association, hallmark gold fell by Rs. 10,500 per tola to Rs. 286,700.

The previous trading session had seen hallmark gold priced at Rs. 297,200 per tola. The significant drop is largely attributed to price corrections in the international precious metals market.

Similarly, Tejabi gold also declined by Rs. 10,500 per tola, bringing its price down to Rs. 286,000 from the previous rate of Rs. 296,500 per tola.

Silver prices followed the same downward trend. The price of silver fell by Rs. 305 per tola, reaching Rs. 4,640 per tola compared to Rs. 4,945 per tola in the previous session.

Market observers believe the steep decline may encourage increased demand from consumers and investors. Precious metal prices in Nepal generally move in line with global market trends, making international price fluctuations a key factor behind domestic price changes.