Gold price came down to Rs 167,000 per tola (11.66 gram) on Monday, October 28 after climbing to a record high at Rs 167,400 per tola on the previous day.
The bullion prices, which have been breaking records amid global uncertainties this year, fell in Nepal for the first time in more than week last Thursday, October 24, to Rs 166,000 from Rs 166,700 per tola the previous day. On Friday, the price remained unchanged. Every Saturday, gold and silver are traded in Nepal at the same price set on the previous day, according to the Federation of Nepal Gold and Silver Dealers' Association.
Industry insiders have attributed the gold’s record-breaking spree to various international factors such as intensifying conflict in the Middle East, Russia-Ukraine war, interest rates cut by central banks in several countries and the US presidential elections. These events have driven investors toward the bullion as a safe haven, making it dearer than the dollar, they say.
The surge in prices follows widespread speculation across the globe that the yellow metal would cross $3,000 per ounce-mark in the near future.
If the international trend continues, the price in the domestic market could cross Rs 180,000 per tola-mark, Diyesh Ratna Shakya, senior vice-president of the Federation of Nepal Gold and Silver Dealers Association, had remarked last month. In that case, gold jewellery will cost nearly Rs 200,000 after the addition of the goldsmith and other fees.
Likewise, the price of silver also declined on the day to Rs 2,065 per tola, down from Rs 2,085 the previous day.
