The price of gold, which has been setting new records since last Friday, has reached an all-time high in the domestic market of Nepal on Wednesday. According to the Federation of Nepal Gold and Silver Dealers Association, the price of gold on Wednesday has been fixed at Rs 160,400 per tola (11.66 grams), marking the highest-ever price set in Nepal’s market so far.
On Tuesday, gold was traded at Rs 159,700 per tola. Traders attribute the continuous rise in gold prices to the surge in price in the international market. The Federation of Nepal Gold and Silver Dealers Association fixes the price of gold and silver in the domestic market of Nepal on the basis of the price in the international market.
Business insiders explain that the rise in conflict in the Middle East and the Russia-Ukraine war, combined with the U.S. Federal Reserve's decision to cut interest rates by 0.5 percentage points, have weakened the dollar, driving up gold prices globally.
This surge is reflected not only in Nepal but also in the international market, where gold prices have seen a significant rise. As of Wednesday afternoon, gold is being traded $2,657.34 per ounce in the international market, a 21.96% increase over the past six months.
Similarly, the price of silver has increased by Rs 40 per tola on Wednesday. Silver, which was traded at Rs 1,915 on Tuesday, is now being traded at Rs 1,955 per tola on Wednesday.