The price of gold reached an all-time high of Rs 162,400 per tola (11.66 grams) on Thursday, October 17, in the domestic market of Nepal, breaking the record set on the previous day.
According to the Federation of Nepal Gold and Silver Dealers’ Association, the price of fine gold increased by Rs 600 per tola. On Tuesday, it was traded at Rs 161,800 per tola.
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 rate cut by the US Federal Reserve last month among others. These events have driven investors toward the bullion as a safe haven, making it dearer than the dollar, they say.
Meanwhile, silver’s price remained unchanged for the day. It is being traded at Rs 1,950 per tola, same as that the previous day.