Gold price hits record Rs. 110,000 per tola

By A Staff Reporter,Kathmandu, Mar. 20: The price of gold hit a new all-time high in the country on Sunday amid an increase in the price of yellow metal internationally and depreciation in rupees.

Price of precious yellow metal set a record today after the price of a tola of gold reached Rs. 110,000 in the domestic bullion market. It is the highest price of gold ever recorded in Nepal.  

The price of gold had dropped to Rs. 101,000 per tola after it set a record of Rs. 107,500 on February 2, 2023.

The price of gold increased by Rs. 2,900 per tola (11.66 grams) today and was traded at Rs. 110,000 per tola. Gold was traded at Rs. 107,100 per tola on Friday. A significant increment in the gold price in the international market has contributed to the increase in its price in the local market for the last couple of days, said Tej Ratna Shakya, a gold trader.

“The increase in the gold price in the international market and devaluation of Nepali currency against the US dollar are the main reasons for its high price in the local market,” he said.

The price of gold increased to 1,990 USD per ounce in the international market today, he said, adding that present fluctuation of gold price in the international market showed that its price would further increase in the local market.

Experts in the international market forecast that the price of gold would cross USD 2,000 per ounce, Shakya said.

The price of gold has increased by USD 70 per ounce in a single day in the international market.

The price of silver has also increased by Rs. 45 per tola to Rs. 1,345 per tola today.

“With the recession seen in the global market, it has been seen that investors have left stocks and are attracted to investing in gold and silver. It is estimated that investors are attracted to gold and silver to protect their investments due to the problems seen in US banks,” he said.

The international market is very sensitive, he said, adding that the foreign investors and general people in international markets are making investment in gold, which led to an increase in its demand as well as price.

Devaluation of Nepali rupee against US dollar has also made gold dearer in the local market, he said.

Today’s exchange rate of one US dollar reached Rs. 132.39

He said that the skyrocketing price of gold and silver would affect business along with consumers and employees engaged in this sector.