Gold prices in Nepal soared to an unprecedented high on Thursday, April 17, extending a rally fueled by escalating global uncertainties.

According to the Federation of Nepal Gold and Silver Dealers' Association, fine gold reached Rs 190,600 per tola (11.66 grams) for the day—a steep rise of Rs 3,600 from Wednesday’s rate.

The relentless upswing is largely attributed to heightened tensions in global markets, particularly the US-China “tariff war”, which continues to drive investors toward safe-haven assets like gold.

This latest surge builds on a dramatic Rs 5,700 jump recorded last Thursday, which brought gold to Rs 181,100 per tola. The rally gained further momentum the following day with the price touching Rs 185,000 per tola—establishing a new benchmark—before climbing again to Rs 186,000 per tola on Sunday, April 13. Though prices dipped slightly on Tuesday, they have bounced back sharply.

Gold and silver prices in Nepal are set daily by the Federation in alignment with international market trends.

Reflecting global sentiment, Reuters reported a modest pullback in gold prices on Thursday as investors cashed in on recent gains. “Spot gold shed 0.1% to $3,338.81 an ounce, as of 0436 GMT, after touching a record high of $3,357.40 earlier in the session,” the report stated. “Bullion has gained more than 3% so far this week.”

According to Reuters, the dollar index hovered near a three-year low last week, making the metal more attractive for foreign currency holders. The report added, “The volatility in both the equity and bond markets could also push investors to increase the weighting of gold within their portfolio,” citing Global X analyst Trevor Yates.

Amid political turmoil and economic instability, gold prices have risen more than 27% so far this year.

Silver price in Nepal also ticked up, rising by Rs 5 per tola from the previous day to hit Rs 1,960 per tola.