The price of gold in Nepal surged by Rs 1,700 per tola (11.66 grams) on Sunday (September 22), to create a new record.
The Federation of Nepal Gold and Silver Dealers' Association has set the price of fine gold at Rs 158,800 per tola for the day, up from Rs 157,100 last Friday.
The yellow metal had set the previous record on September 16 when the fine gold was traded at Rs 157,300 per tola.
The federation fixes the bullion price on the basis of international market trends.
Gold is being traded at $2,622.3 per ounce in the international market on Sunday afternoon, according to goldprice.org , which is nearly a $100 or 4.02 percent rise in the past 30 days.
Besides the escalation of conflicts in the middle east and between Russia and Ukraine, the United States’ Federal Reserve slashing the interest after four years by 0.5 percentage points last Wednesday have turned investors towards the bullion, weakening the dollar, traders say.
Experts have estimated that the gold price could touch $3,000 per ounce-mark soon. In case it happens and current customs provisions remain, its price in Nepal could reach Rs 180,000 per tola, Diyesh Ratna Shakya, senior vice-president of the association, had told NBA last week .
Meanwhile, the price of silver also saw a slight increase. It is being traded at Rs 1,920 per tola, up from Rs 1,915 last Friday.