The price of gold in the domestic market of Nepal remained unchanged on Friday, October 25, following a drop of Rs 700 in a tola (11.66 gram) on Thursday.
According to the Federation of Nepal Gold and Silver Dealers’ Association, fine gold continued to be traded at Rs 166,000 per tola, the same rate as the previous day. The drop on Thursday came after a record-breaking rally lasting more than a week.
The precious yellow metal has been breaking records amid global uncertainties this year.
In Nepal, the fine gold, which stood at Rs 159,100 per tola on October 9, resumed its upward trend post-Dashain. It climbed to Rs 160,500 last Tuesday, October 15, followed by Rs 161,800 on October 16, Rs 162,400 on October 17, and Rs 164,400 on October 18.
This week, the price reached Rs 165,000 on Sunday, Rs 165,600 on Monday, Rs 165,900 on Tuesday and Rs 166,700 on Wednesday.
Industry insiders have attributed the gold’s record-breaking spree to various international factors such as intensifying geopolitical tension 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 will 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 a month ago. In that case, gold jewellery will cost nearly Rs 200,000 after the addition of the goldsmith and other fees.
Meanwhile, silver saw a price drop on Friday, falling by Rs 25 per tola to Rs 2,070.
