KATHMANDU, Aug 5: The price of gold has reached Rs 101,400 per tola (11.66 grams) in the domestic market on Wednesday. It is the highest price recorded in the history of the gold market of Nepal.
According to the Federation of Nepal Gold Silver Dealers’ Association (FENEGOSIDA), the precious yellow metal was traded for Rs 99,800 per tola on Tuesday. The gold price jumped by a whopping Rs 1,600 in a single day. There has been a continuous hike of gold price in the domestic market in line with the international price of gold. The international market has set the US dollar 2,029.72 per ounce as gold price.
Currently, COVID-19 pandemic has crashed the global economy leading the investors into the gold market. Nepali gold dealers complain that there has been no trade since the price has been continuously going up the chart since the market opened after nearly three months.
With uncertainty looming in every sector of investment, investors have been shifting their investments in the gold market. The depreciating value of Nepali currency as compared to the American dollars has been attributed for the gold price hike in Nepal.
Similarly, the price of silver has seen a consistent rise since the market resumed in June. Silver was traded for Rs 1,295, up by Rs 65 on Wednesday. Its price was Rs 1,230 on Tuesday.