KATHMANDU, Oct 11: The price of gold in the domestic market set yet another fresh record of Rs 239,200 per tola (11.6638 grams) last week due to the soaring price of precious metal in the international market.
According to the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA), the price increased overall by Rs 4,400 per tola in the review period. Except on Friday, the gold price surged on the rest of the weekdays.
Gold price falls by Rs 900 per tola, silver decreases by Rs 5 p...
The precious metal that traded at Rs 230,600 per tola in domestic market soared by Rs 2,500 on Monday. On the consecutive three days, the price increased by Rs 2,300, Rs 3,400 and Rs 1,200 per tola, respectively.
The FENEGOSIDA said the price surged mainly due to emerging countries including India and China stepping up to increase their gold reserves. “In addition, the depreciation of Indian currency against the US dollar and growing concerns for BRICS currency also impacted the gold price.”
On Friday, the price declined Rs 4,200 per tola to close for the week, which has been attributed to the Israeli government approving ceasefire in Gaza along with increased price of US dollar with increased investors’ confidence.
Along with gold, the price of silver also skyrocketed to hit the record high price of Rs 3,085 per tola in Nepali market. Compared to the market value of Rs 2,930 on Sunday, the price of silver inclined Rs 155 per tola, according to the FENEGOSIDA.
