KATHMANDU: On Monday, the price of gold dropped by Rs 6,500 per tola (11.66 grams).

The Federation of Nepal Gold and Silver Dealers’ Association has set the price of gold at Rs 275,500 per tola for Monday.

On the previous day, the price of gold had dropped by Rs 12,500 per tola. On the previous day, it was traded at Rs 282,000.

Last Monday, it was traded at Rs 309,500 per tola. On January 29, the price of gold reached a record high of Rs 339,300 per tola so far.

As conflicts increased in West Asian countries, rising oil prices have created a challenge for various countries to increase the U.S. dollars needed for purchases. This has increased demand for the dollar along with its value. As the accumulation of dollars from gold sales has increased, there has been a sharp decline in the price of gold, international media have reported.