The price of gold surged in Nepal on Friday following Israel’s attack on Iranian nuclear facilities, a development that heightened geopolitical tensions and pushed global investors toward safe-haven assets.
According to the Federation of Nepal Gold and Silver Dealers' Association, the price of gold jumped by Rs 4,200 per tola (11.66 grams) in a single day, reaching as high as Rs 197,100 per tola in the domestic market on Friday. This marks a sharp rise from Rs 192,900 per tola on Thursday.
The upward trend in gold prices began earlier this week, with the yellow metal climbing by Rs 1,600 per tola on Thursday compared to Wednesday’s rate of Rs 191,300.
In the international market, gold was priced at USD 3,425 per ounce on Friday, up from USD 3,388 per ounce on Thursday, reflecting a significant rise amid growing concerns over a potential escalation in the Middle East.
The Federation of Nepal Gold and Silver Dealers Association fixes the price of gold in the domestic market of Nepal based on its price in the international market.
Silver prices also followed suit. On Friday, silver was traded at Rs 2,165 per tola, up from Rs 2,150 per tola on Thursday.
Traders and analysts attributed the price spike to safe-haven buying, as investors moved their assets into precious metals amid fears of broader regional conflict and market volatility. The attack by Israel on Iran's nuclear facilities has raised alarms about the possibility of retaliatory measures and further instability in the region.
Note: This news has been corrected.
