Gold hit another record in Nepal's domestic market, with the price of fine gold reaching Rs 165,900 per tola (11.66 grams) on Tuesday, October 22.
The yellow metal has been on a record-breaking rally amid global uncertainties this year.
In Nepal, the uptrend trend of fine gold, which stood at Rs 159,100 per tola on October 9, resumed its upward trend after the Dashain holidays. 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 and Rs 165,600 on Monday.
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 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 association, had told a month ago. In that case, gold jewellery will cost nearly Rs 200,000 after the addition of the goldsmith’s and other fees.
Silver also reached a record high, hitting Rs 2,100 per tola on Tuesday, Rs 5 up from Monday.