Gold Prices Reach Record High in Nepal
KATHMANDU, May 16: The price of gold has reached a new record in Nepal, with the Federation of Nepal Gold and Silver Dealers’ Associations (FENEGOSIDA) setting the price of fine gold at Rs 140,000 per tola for today. This marks an increase of Rs 1,600 from the previous day and is the highest price of gold ever recorded in the domestic market.
The rise in gold prices in the international market has had a direct influence on the Nepali market, according to FENEGOSIDA.
Previous Record and Current Prices
On April 21, the price of gold had previously set a record at Rs 139,300 per tola. Today, the price of standard gold is set at Rs 139,300 per tola.
New Record for Silver Prices
In addition to gold, the price of silver has also reached a new record. Silver price has increased by Rs 60 per tola, now priced at Rs 1,805 per tola. Just a day earlier, on Wednesday, it was traded at Rs 1,745 per tola.
Insight:
The record-high prices of both gold and silver highlight the ongoing volatility in the precious metals market. Investors often turn to these assets in times of economic uncertainty or as hedge against inflation. The current global economic climate, with factors such as the COVID-19 pandemic and geopolitical tensions, has fueled demand for safe haven assets like gold and silver, leading to their price surge. This trend is likely to persist as long as uncertainty prevails in the market.
