KATHMANDU, Jan 24: The price of gold in the domestic market increased Rs 24,200 to hit the historic high of Rs 301,400 per tola (11.6638 grams) last week.
According to the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA), the market price of gold increased to Rs 301,400 from Rs 277,200 per tola when the market closed the previous week. On Sunday, the market started by adding Rs 600 for the weekdays.
Gold price rises by Rs 500 per tola, reaches all-time high of R...
On the consecutive three days, the price of precious yellow metal escalated by Rs 4,200, Rs 2,700 and Rs 10,400 a tola, respectively. On Thursday, the price however declined by Rs 2,900, followed by a whopping rise of Rs 9,200 per tola on the next day to close for the week.
The gold price last week was affected by multiple factors. According to FENEGOSIDA, the gold price fluctuated due persisting geopolitical tensions, soaring inflation and increase in gold purchase by central banks of a number of countries. In addition, the US Federal Reserve’s attempt to successively reduce interest rates led to a decline in returns on bonds, diverting investors to rely on gold purchase for safe landing.
Along with gold, the price of silver also inclined by Rs 545 per tola in Nepali market. The price climbed to historic high of Rs 6,190 from Rs 5,645 per tola in the review period.
The surge in the price of silver has been attributed to increased industrial demand for the precious metal along with the restriction imposed by China on its export.
