KATHMANDU, DECEMBER 28 – Gold prices in Nepal have hit an all-time high, reaching Rs 122,000 per tola for fine gold. This represents a significant increase of Rs 1,300 from the previous day’s closing price, according to the Federation of Nepal Gold and Silver Dealer’s Association (FeNeGoSiDA). The price of standard gold has also seen a rise, now being traded at Rs 121,400 per tola, up from Rs 120,100 per tola.
This recent surge in gold prices comes after a period of fluctuation. On December 4, gold had reached a previous high of Rs 121,600 per tola for fine gold and Rs 121,000 per tola for standard gold, only to experience a decline to Rs 116,000 on December 13. However, the trend reversed and the price began to rise again, reaching Rs 120,700 per tola for fine gold and Rs 120,100 per tola for standard gold on Wednesday.
In addition to gold, the silver market has also seen an increase in prices, with silver being traded at Rs 1,490 per tola compared to the previous day’s closing price of Rs 1,475 per tola.
Insight: The surge in gold prices in Nepal is likely influenced by a combination of factors including global market trends, inflation, and currency devaluation. Investors often turn to gold as a safe haven during times of economic uncertainty, and the recent record-setting prices reflect the high demand for gold as a stable investment option. The impact of the COVID-19 pandemic on the global economy may also be contributing to the increase in gold prices, as investors seek to protect their assets in the face of market volatility.
