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The price of gold has dropped by Rs 200 per tola in the domestic market on Sunday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow metal is being traded at Rs 149, 700 per tola today. It was traded at Rs 149, 900 per tola on Friday.

Similarly, tejabi gold is being traded at Rs 137, 725 per tola. It was traded at Rs 149, 400 per tola.

Meanwhile, the price of silver has dropped by Rs 10 and is being traded at Rs 1, 985 per tola today.

The price of gold reached an all-time high in the domestic market on Friday.

According to the Federation of Gold and Silver Dealers' Association, the precious yellow metal is being traded at Rs 149,900 per tola (11.66 grams).

The gold price had reached Rs 149,800 per tola on July 17. It was traded at Rs 149,400 per tola on Thursday.

Similarly, the silver is being traded at Rs 1,795 per tola today against Rs 1,750 on Thursday.

The Nepal Stock Exchange (NEPSE) plunged by 5. 29 points to close at 2,755.62 points on Thursday.

Similarly, the sensitive index dropped by 3. 29 points to close at 492. 75 points.

A total of 51,321,629-unit shares of 332 companies were traded for Rs 21. 71 billion.

Meanwhile, Hydorelectricity Investment and Development Company Ltd (HIDCL), Nepal Hydro Developers Ltd. (NHDL), Shuvam Power Limited (SPL), City Hotel Limited (CITY) and Kutheli Bukhari Small Hydropower Limited (KBSH) were the top gainers today with their price surging by 10. 00 percent.

Likewise, Peoples Hydropower Company Limited (PHCL) was the top loser with its price dropped by 9. 13 percent.

At the end of the day, the total market capitalization stood at Rs 4. 37 trillion.

MCA-Nepal has signed the final substation contract with Techno Electric and Engineering Company Ltd (TEECL), India to construct a $38.89m 400 kV substation in Damauli, Tanahun district. With this, MCA-Nepal has completed the award of contracts for the construction of all three 400 kV substations as part of implementing the Millennium Challenge Corporation (MCC) Nepal Compact. 

Once completed, the New Damauli Substation will have a capacity of 1,000 Mega Volt Ampere, making it one of the largest substations in the country along with the Ratmate Substation for which the MCA-Nepal signed a contract with the same company in June 2024. The New Damauli Substation will serve as a critical point of connection for power flow with the Ratmate, Lekhnath and New Butwal Substations, says a press statement issued by MCA- Nepal.

Khadga Bahadur Bisht, Executive Director at MCA-Nepal, and Rajiv Agarwal, Director- Commercial at TEECL, India signed and exchanged the contract in the presence of Minister for Energy, Water Resources and Irrigation Deepak Khadka, US Ambassador to Nepal Dean R Thompson, MCA-Nepal Board Members, TEECL Managing Director Padam Prakash Gupta and officials from NEA along with MCC and MCA-Nepal officials. 

Addressing the event, Minister Khadka expressed his belief that the substations would significantly contribute in strengthening the electricity distribution system in Nepal to pave the way for economic prosperity. He also urged all concerned stakeholders to strengthen efforts for the timely completion of the project. 

Ram Prasad Ghimire, Secretary, Ministry of Finance and MCA-Nepal Board Chair said, “The progress is a good indication of MCA-Nepal’s ongoing efforts to implement the MCC Nepal Compact. The three substations are essential to Nepal’s growing energy sector and will help ensure a reliable power sector to enhance industrial and commercial activities for the economic growth in Nepal.” 

Speaking at the event Ambassador Thompson said, “Today, standing together with the Government of Nepal, Ministry of Finance, Ministry of Energy, Water Resources and Irrigation, the Nepal Electricity Authority, and MCA-Nepal, I’d like to acknowledge the important role each of you has played in the progress of this project and shaping a brighter future for Nepal.” He further added, “The MCC Nepal Compact is going to be an important part of our shared success story, working with Nepal to power Nepali homes, power the Nepali economy, create jobs, and reduce poverty through inclusive and sustainable economic growth.”

Bisht said, “It is indeed a remarkable milestone to sign all three substation contracts while approaching the one-year anniversary of the launch of the Compact. I would like to acknowledge the support of the Government of Nepal and our key stakeholders—Ministry of Finance, the MCA Nepal Board, NEA and MCC for their continued support.”

Along with the three substations, the MCC Nepal Compact will fund the construction of up to 315 km of transmission line from Lapsiphedi, Kathmandu to the Nepal-India border in Nawalparasi (Bardaghat Susta West) under the Electricity Transmission Project. The bids for the 18 km cross-border transmission line have been received for evaluation. MCA-Nepal aims to award the contract in August. Likewise, preparations are on track to ensure the bids for the remaining 297 km of transmission lines are relaunched at the earliest possible this year. And, on the Roads Maintenance Project, MCA-Nepal is preparing to launch the Full Depth Reclamation procurement in August.