April 16: The price of gold on Tuesday increased by Rs 1,700 per tola (11.66 grams) to set a new record. According to the Federation of Nepal Gold and Silver Dealers Association, the price of gold has reached an all-time high of Rs 139,200.

Prior to this, the price of gold had set a record of Rs 139,000 per tola on April 12 but it fell to Rs 137,700 on Monday.

Similarly, the price of silver has also increased on Tuesday. The price of silver in the domestic market of Nepal has been fixed at Rs 1,750 per tola.

Why is the price increasing?

The price of gold has been rising steadily in the past few weeks. In the Nepali month of Chaitra (mid-March to mid-April), the price of gold has increased eleven times in the domestic market of Nepal. The federation fixes the price of gold and silver based on the price in the international market.

The recent geopolitical tension due to the Israel’s offensive in Gaza and the Russia-Ukraine war have led to investors to invest in gold considering it as a safe haven in times of turmoil.

Businessmen complain that the gold and silver jewelry business has decreased due to the continuous rise in the price of gold. Gold and silver traders say that the business of the gold market is almost zero lately.