Gold price has gone on to break records in the domestic market for five days in a row.
According to the Federation of Nepal Gold and Silver Dealers Association, the price of gold on Thursday, September 26, has been fixed at Rs 160,700 per tola (11.66 grams), marking the highest-ever price set in Nepal’s market so far. It was traded at Rs 160,400 per tola the previous day.
Traders attribute the continuous rise in gold prices to the surge in 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.
The precious yellow metal is being traded at $2,662.78 per ounce in the international market on Thursday afternoon, according to goldprice.or g, nearly a $150 or 5.95 percent rise in the past seven days.
Meanwhile, the price of silver remained constant for the day at Rs 1,955 per tola.