Gold price nears Rs. 200,000 per tola

By A Staff Reporter

Kathmandu, Aug. 9: The price of gold set yet another record in the local market on Friday. The precious yellow metal was traded at Rs. 199,400 per tola.

According to the Federation of Nepal Gold and Silver Dealers Association, the gold price increased by Rs. 1,000 on Friday, compared to its price on Thursday. 

The gold was traded at Rs. 198,400 per tola in the local market on Thursday.

Earlier, on Tuesday, gold price reached the highest at Rs. 198,500 per tola.

Likewise, the price of silver has also increased by Rs. 10 per tola to Rs. 2,325.

Tej Ratna Shakya, a gold trader, said that the significant increment in the gold price in the international market has contributed to the rise in its price in the local market for the last few days.

He attributed the recent hikes in gold prices to the significant increases in its prices in the international market, largely driven by President Donald Trump’s fresh tariffs on goods imported by the USA from several countries, including South Korea, India, and Brazil.

The price of gold increased by USD 18 per ounce to USD 3,397 in the international market on Friday, he said, adding that the present fluctuation of gold price in the international market showed that its price would further increase in the local market.

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

"Investors in international market are increasing their investment in gold instead of other commodities which has led to a hike in its price in international market," he said.

With the international market continuously witnessing fluctuation, the gold prices in Nepal may continue to rise, further affecting consumers and traders alike, he said. 

According to him, price of gold is likely to cross Rs. 200,000 per tola shortly. 

He said that the significant increment of gold price has affected the market at present and would severely affect even in the upcoming major festivals.

"Teej, Dashain and Tihar are the main seasons for gold trading. Due to the price increase, gold trading is sure to be affected in the upcoming festivals. It will cause problems for traders and consumers as well," he said.