The price of gold continued to rise on Wednesday, October 16, to reach an all-time high of Rs 161,800 per tola (11.66 grams) in the domestic market of Nepal.
According to the Federation of Nepal Gold and Silver Dealers’ Association, the price of fine gold increased by Rs 1,300 per tola on Wednesday compared to the previous trading day when it was traded for Rs 160,500 per tola.
This follows a surge in price of gold by Rs 1,400 per tola (11.66 grams) in the domestic market of Nepal on Tuesday, October 15, compared to the price set on the previous trading day.
Earlier on October 4, the price of the precious yellow metal had set a new record after the fine gold’s price soared to Rs 161,300 per tola.
This surge in gold prices is linked to international factors such as the ongoing geopolitical tension in the Middle East and Russia-Ukraine war as well as the recent decisions by the U.S. Federal Reserve to cut interest rates, which has driven investors toward gold as a safe haven.
Silver also became dearer by Rs 25 per told on Wednesday, and is being traded at Rs 1950 per tola.