The price of gold reached an all-time high of Rs 164,400 per tola (11.66 grams) on Friday, October 18, in the domestic market of Nepal, to break the record for the third day in a row.
According to the Federation of Nepal Gold and Silver Dealers’ Association, fine gold became dearer by Rs 2,000 per tola for the day. It was traded at Rs 161,800 per tola Tuesday and Rs 162,400 on Wednesday.
Read: Gold could touch the Rs 180,000 per tola-mark if the global trend continues, traders say
Industry insiders have attributed the gold’s record breaking spree to various international factors such as the ongoing geopolitical tension in the Middle East, Russia-Ukraine war, and interest rates cut by central banks in several countries including in the United States. These events have driven investors toward the bullion as a safe haven, making it dearer than the dollar, they say.
Silver also became dearer by Rs 30 per tola, compared to that the previous day, to be traded at Rs 1,980 per tola.