KATHMANDU, Oct 15: The price of gold escalated by Rs 4,400 per tola (11.66 grams) in the past one week, after the war between Israel and Hamas Group of Palestine broke out.
The records maintained by the Federation of Nepal Gold and Silver Dealers’ Associations (FENEGOSIDA) show that the price of the precious yellow metal stood at Rs 108,600 per tola in the domestic market on October 9, while it soared to Rs 113,000 on Saturday. The price of the bullion remained stable on Sunday.
The price of gold in the domestic market mainly depends on its price in the international market. According to Reuters, an international media, the price of gold gained 5.2 percent over last week.
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Gold escalated to a seven-month high price mainly due to the intensifying conflict in the Middle East. “This sent investors scurrying for safe-haven assets,” reads the media report.
On Friday alone, the price of gold futures settled 3.1 percent higher at US $1,941.50 per ounce. “Investors are fleeing to safe havens as the risks of Middle East tensions grow," stated Reuters’ news report.
Indian media also reported that the gold price soared three percent, marking its first increase in four weeks. The escalated price of gold is likely to affect the demand for the precious metal amid festive season, according to traders.
Meanwhile, the price of silver also surged more than four percent in the domestic market. According to FENEGOSIDA, the price jumped from Rs 1,345 to Rs 1,400 per tola. The price of silver in the international market stood at USD 22.72 per ounce, a gain of four percent during the review period.
