Gold price reaches Rs. 235,400 per tola

By A Staff Reporter,Kathmandu, Oct. 8: The price of gold has once again reached a historic high, continuing its record-breaking streak for the third consecutive day.

On Tuesday, the price of the precious yellow metal climbed to Rs. 235,400 per tola, marking an increase of Rs. 2,300 from Monday's price in the local market, according to the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA). This is the record high price in the local market.  

Gold was traded at Rs. 233,100 per tola on Monday.

The price of gold increased by Rs. 4,800 per tola within three days. Just two days earlier, on Sunday, gold price had witnessed a sharp rise of Rs. 7,400, jumping from Rs. 223,200 to Rs. 230,600 per tola. 

Similarly, the price of silver has reached Rs. 2,960 in the local market. This is also record high price in the local market.

The surge in prices has caused concerns among consumers and traders alike, especially ahead of the upcoming Tihar festival, a peak season for gold sales in the country.

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 weeks and set one record after another in the local market, said Tej Ratna Shakya, a gold trader.

"The economic and political uncertainty in the international market has created a record in the price of gold. Its impact has also hit the domestic market," said Shakya.

The price of gold has set a new record again in the international market, he said.

On Tuesday, the price of gold reached 3,974 US dollars per ounce in the international market, he said.  

Gold price has increased by USD 43 per ounce on Tuesday as compared to Monday's price.

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 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 lead to soaring price in international market," he said. However, this continuous increase in gold price has affected consumers and traders in local market, Shakya said.

Traders fear that the escalating prices may significantly impact gold sales during Tihar, one of the most lucrative periods for the gold business in Nepal.