The price of gold in Nepal’s domestic market surged to an all-time high of Rs 207,900 per tola (11.66 grams) on Wednesday, marking the fourth consecutive day of record highs. According to the Federation of Nepal Gold and Silver Dealers’ Association, the price rose by Rs 2,000 from Tuesday’s Rs 205,900 per tola.
In contrast, the price of silver dipped slightly, settling at Rs 2,480 per tola on Wednesday—down by Rs 5 from the previous day.
The sharp rise mirrors developments in the international market. On Wednesday, gold was trading at $3,536 per ounce, surpassing the record set a day earlier. According to AFP, gold hit $3,501.59 per ounce during early trading in Asia on Tuesday, breaking its previous peak of $3,500.10 set in April. The rally has been fueled by a weaker US dollar and expectations of an interest rate cut by the US Federal Reserve, making gold an attractive safe-haven investment.
Former president of the Federation, Manik Ratna Shakya, said the surge in gold prices is driven largely by global political and economic uncertainties rather than domestic demand.
The Federation sets gold and silver prices in Nepal based on international market movements. One ounce of gold is equivalent to 31.1 grams.
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