Gold price in Nepal reaches close to Rs 100,000 per tola, Russia-Ukraine crisis blamed for the price rise

Published On: February 24, 2022 05:06 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, Feb 24: The price of gold jumped by Rs 2,500 per tola (11.663 grams) in the domestic market on Thursday due to a soaring price in the international market backed by rising tension between Russia and Ukraine.

According to the records with the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA), the price of 24 carat (99.99 percent purity) gold has been fixed at Rs 99,000 per tola for Thursday trading while the price of standard gold (99.50 percent purity) stood at Rs 98,500 per tola. The bullion price rose by Rs 2,900 per tola over the last one week.

The FENEGOSIDA fixes the prices of gold and silver in the local market in line with the transaction price of the international market. According to Reuters, gold prices jumped more than two percent on Thursday, hitting the highest price of US $ 1,943.20 per ounce in over a year.

The international media reports that the gold price has risen about eight percent since the beginning of February after the Russia-Ukraine crisis walloped. As gold is a safe-haven asset along with the USD, investors’ attraction to the yellow metal has led to its soaring price, reads a news report by Reuters.


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