KATHMANDU, July 21: Silver price on Tuesday hit a record high of Rs 1,040 per tola (11.66 grams), along with the escalating price of gold.
According to the Federation of Nepal Gold and Silver Dealers’ Association, the price of silver has crossed Rs 1,000 per tola, with a single day gain of Rs 40 a tola. In the past six months, silver has become expensive by almost Rs 350 per tola, with a 50 percent rise in the prevailing market price.
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The soaring price of silver has been attributed to the people switching to the precious metal following a significant rise in gold in recent days. Last Wednesday, gold price hit a record of Rs 92,800 per tola.
The bullion prices have been in an inclining trend after COVID-19 impacted the global economy. In Nepal, they are further affected by the government increasing the duty through the budget 2020/21. The government has increased the customs duty on gold import by Rs 2,000 to Rs 8,500 per 10 grams and silver by Rs 1,000 per kilogram to Rs 8,500.
As per the international media, the price of silver rose successively for the ninth time in the past few weeks, hitting a nearly four-year high price. The soaring price of silver has been attributed to investors flocking to the precious metals during the economic uncertainty caused by the coronavirus pandemic.
