Gold price increases by Rs. 1,000 per tola

By A Staff Reporter,Kathmandu, Sept. 12: Gold price has set a new record in the domestic market on Wednesday. 

According to the Federation of Nepal Gold and Silver Dealers' Association (FENEGOSIDA), the price of gold increased by Rs. 1,000 per tola on Wednesday and traded at Rs. 153,400 per tola today. 

This is the record high price in the local market. The gold price has set one new record after another in the local market for the past few weeks. 

A tola of gold was traded at Rs. 152,400 per tola in the local market on Tuesday. Earlier on September 6, 2024, the price of gold had set a record by reaching Rs. 153,300 per tola.

Similarly, the price of silver has increased by Rs. 15 per tola to Rs. 1,780 in the local market.

A slight increment in the gold price in the international market has contributed to the increase in its price in the local market and set new record, said Tej Ratna Shakya, a gold trader.

The price of gold has increased by USD 16 per ounce to 2,520 in the international market today.

The consumers, investors and central banks of foreign countries are increasing their investment in gold as a secure investment which has led to an increase in its demand as well as prices.

Due to the price hikes, the sale of gold has dropped in the market significantly, he said.

The daily demand for gold is below 5 kg in the market, he said. The sale of gold was recorded below 5 kg daily even in the Teej festival.

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

Besides, the flow of people is increasing in the jewellery shops to sell their ornaments to fulfill their economic necessities in the wake of the price hike, he said.

He predicted that the gold business would be affected further with the skyrocketing price in the local market.

 "With the current price increase, it seems that the gold business will slow down even in the upcoming Dashain festival," he said.