The price of gold has reached an all-time high in the domestic market of Nepal on Sunday, March 30.
The price of the precious yellow metal, which had set a record of Rs 176,200 per tola (11.66 grammes) on Friday, has again increased by Rs 600 on Sunday to set a new record of Rs 176,800, according to the Federation of Nepal Gold and Silver Dealers' Association.
Gold is being traded at USD 3085 per ounce in the international market today.
This latest surge follows a series of price increases throughout March. On March 28, the price reached Rs 176,200 per tola, surpassing the previous record high set on March 19. Prior to that, gold had seen a notable climb from Rs 174,500 per tola on March 14 to Rs 175,200 on March 18. These price hikes reflect broader global economic shifts, including the appreciation of the US dollar and significant international political developments, which continue to influence the gold market.
Dharmasundar Bajracharya, first vice president of the Federation, attributed the rising gold prices in recent weeks to external factors, particularly the appreciation of the US dollar and global political developments. He noted that Nepal’s domestic gold prices are closely aligned with international market trends.
“The price has increased due to the appreciation of the US dollar, international political developments, etc. The local market has reached its highest price ever after adjusting to international market prices,” Bajracharya told RSS in a recent interview.
Meanwhile, the price of silver decreased by Rs 15 per tola on Sunday and is traded at Rs 2,025 in the domestic market. -- RSS
