The price of precious yellow metal has hit a historic high of Rs 101,400 per tola (11.664 gram) today.
According to the Federation of Nepal Gold and Silver Dealers’ Association, the new price of fine gold today is set at Rs 101,400 per tola with an increase of Rs 1,600 in a day from yesterday.
Gold was traded for Rs 99,800 per tola on yesterday. The price jumped by a whopping Rs 1,600 in a single day.
Likewise, silver is traded at Rs 1,295 per tola today up by Rs 65 yesterday. Its price was Rs 1,230 per tola on Tuesday. The price of silver has seen a consistent rise since the market resumed in June.
“In the international bullion market, spot gold rose in early trade and touched a fresh record of $2,025.76 per ounce, which is 33 per cent higher so far this year,” according to the international market.
Gold price has been continuously increasing in recent months amid the surge in coronavirus transmission. However, the price has crossed the six-digit mark in the local bullion market for the first time in the midst of a faltering global economy. Gold tends to gain when political and economic uncertainties are high, according to the Federation of Nepal Gold and Silver Dealers’ Association former president Tej Ratna Shakya. “Investors have been fleeing to ‘safe haven’ assets as the pandemic shows no signs of abating,” he said, adding that investors around the world pours their money into the precious metal as the fall in demand for oil and stock prices has made them turn to gold. “Even before the pandemic began in January, the trade war between the United States and China had already started pushing gold prices upwards, as returns on investment were becoming uncertain, and gold is considered a safe haven asset.”
The depreciating value of Nepali currency compared to the US dollars has also been attributed for the gold price hike in Nepal.
According to the Federation of Nepal Gold and Silver Dealers’ Association, the new price of fine gold today is set at Rs 101,400 per tola with an increase of Rs 1,600 in a day from yesterday.
Gold was traded for Rs 99,800 per tola on yesterday. The price jumped by a whopping Rs 1,600 in a single day.
Likewise, silver is traded at Rs 1,295 per tola today up by Rs 65 yesterday. Its price was Rs 1,230 per tola on Tuesday. The price of silver has seen a consistent rise since the market resumed in June.
“In the international bullion market, spot gold rose in early trade and touched a fresh record of $2,025.76 per ounce, which is 33 per cent higher so far this year,” according to the international market.
Gold price has been continuously increasing in recent months amid the surge in coronavirus transmission. However, the price has crossed the six-digit mark in the local bullion market for the first time in the midst of a faltering global economy. Gold tends to gain when political and economic uncertainties are high, according to the Federation of Nepal Gold and Silver Dealers’ Association former president Tej Ratna Shakya. “Investors have been fleeing to ‘safe haven’ assets as the pandemic shows no signs of abating,” he said, adding that investors around the world pours their money into the precious metal as the fall in demand for oil and stock prices has made them turn to gold. “Even before the pandemic began in January, the trade war between the United States and China had already started pushing gold prices upwards, as returns on investment were becoming uncertain, and gold is considered a safe haven asset.”
The depreciating value of Nepali currency compared to the US dollars has also been attributed for the gold price hike in Nepal.
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