Gold price drops by Rs 3,400 per tola

 The price of precious yellow metal dropped by Rs 3,400 per tola (11.66 grams) in the domestic market today.

According to Federation of Nepal Gold and Silver Dealers Association (Fenegosida), hallmark gold is being traded at Rs 94,800 per tola and Tejabi (worked) gold is being traded at Rs 94,300 per tola today.

In the wake of coronavirus vaccine success news, the gold price has dropped, the association said, adding that the price may further drop, if the vaccine comes to market in near future. “Likewise, the price of silver has also dropped by Rs 70 and is traded at Rs 1,215 per tola today.”

The market witnessed a drop in gold and silver prices as a vaccine company Pfizer claimed that its Covid-19 vaccine is over 90 per cent effective against the virus, the association added.