The price of gold has broken record for the third day in a row in Nepal, with the yellow metal becoming dearer by Rs 500 per tola (11.66 grams) on Tuesday, September 24.
The Federation of Nepal Gold and Silver Dealers' Association has set the price of fine gold at Rs 159,700 per tola for the day, up from Rs 159,200 on Monday. The precious yellow metal was traded at Rs 158,800 per tola on Sunday.
Earlier on August 5, the fine gold had crossed the Rs 150,000 per tola-mark for the first time in the domestic market.
Besides escalating conflict in the middle east and between Russia and Ukraine, the United States’ Federal Reserve slashing the interest rates after four years by 0.5 percentage points last Wednesday have turned investors towards the bullion, weakening the dollar, traders say.
Gold is being traded at $2,635.08 per ounce in the international market on Tuesday afternoon, according to goldprice.org, a $453.28 or 20.86 percent rise in the past six months.
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 the NBA last week.
Meanwhile, the price of silver dropped slightly for the day to be traded at Rs 1,915 per tola, compared to Rs 1,920 the previous day.