The price of gold surged by Rs 400 per tola to set a new record in the domestic market on Friday, October 4, surpassing the previous record set last week.
The Federation of Nepal Gold and Silver Dealers’ Association has set the price of fine gold at Rs 161,300 per tola, which exceeds last Friday’s price by Rs 100 per tola (11.66 grams).
The precious yellow metal went on to break records for six days in a row last week.
Industry insiders have attributed the surge in gold prices this year to intensifying conflict in the Middle East, the Russia-Ukraine war as well as slashing of interest rate after nearly four years by the US Federal Reserve last month. These events have turned investors towards the bullion, weakening the dollar, they say.
Silver also became dearer on the day by Rs 30 per tola compared to the previous day to reach Rs 1,980 per tola.
