KATHMANDU, Aug 9: The price of gold in the domestic market of Nepal reached a historic high at almost Rs 200,000 per tola (11.6638 grams) on Friday, mainly due to the weakening price of Nepali currency against the US dollar.
According to the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA), the price of the precious metal surged Rs 2,900 per tola during last week. On Sunday, it was recorded at 196,500 per tola, while it stood at Rs 199,400 per tola on the last day of the week.
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Kiran Bhai Bajracharya, general secretary of the FENEGOSIDA, said the price of gold was mainly impacted by the fluctuation of the price of the US dollar. “As China has started increasing its gold reserves and the US President has recently announced to impose a 50 percent tariff on imports from India, the Indian rupee has been depreciating. As a result, the Nepali currency has also weakened and that has impacted the gold price in the domestic market,” said Bajracharya
Along with gold, the price of silver also soared during the review period. The price escalated to Rs 2,325 from Rs 2,250 per tola, showing an increase of Rs 75 in a tola.
