Gold continued its record breaking spree in the domestic market of Nepal on Sunday, October 20.
The price of yellow metal rose by Rs 600 per tola on the day, compared to that last Friday. With the hike, the fine gold is being traded at an all time high of Rs 165,000 per tola (11.66 grams).
Over the past week, gold prices have shown a consistent upward trend, starting at Rs 161,800 per tola on Wednesday, followed by Rs 162,400 on Thursday,and reaching Rs 164,400 on Friday.
Every Saturday, gold is traded in Nepal in the same price fixed for the day before by 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 geopolitical tension in the Middle East, Russia-Ukraine war, and interest rates cut by central banks in several countries including the United States. These events have driven investors toward the bullion as a safe haven, making it dearer than the dollar, they say.
Silver’s price, too, surged by Rs 95 per tola for the day to be traded at Rs 2,075 per tola, compared to that last Friday.