The price of gold continued to rise in Nepal, with the yellow metal becoming dearer by Rs 400 per tola (11.66 grams) on Monday, September 22, to break the record set on the previous day.
The Federation of Nepal Gold and Silver Dealers' Association has set the price of fine gold at Rs 159,200 per tola for the day, up from Rs 158,800 on Sunday.
The federation fixes the bullion price on the basis of international market trends.
Gold is being traded at $2,630.99 per ounce in the international market on Monday afternoon, according to goldprice.org , which is nearly a $450 or 20.63 percent rise in the past six months.
Besides escalating conflict 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, gold 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 remained constant for the day at Rs 1,920 per tola.