March 9: The price of gold has reached an all-time high of Rs 105,500 per tola (11.66 grams) in the domestic market of Nepal on Wednesday (March 9).

According to the Federation of Nepal Gold and Silver Dealers’ Association, the price of gold increased by Rs 2,500 per tola compared to the previous trading day. On Tuesday, the precious yellow metal was traded at Rs 103,000 per tola.

The price of silver also increased by Rs 40 per tola to reach Rs 1450, according to the website of the federation.

Gold is being traded at approximately US$ 2,050 per ounce in the international market on Wednesday.  

The last time when the price of gold crossed the mark of Rs 100,000 per tola in Nepal was during the outbreak of Covid-19.

It is believed that the Russian invasion of Ukraine has led to the skyrocketing price of gold as investors find the precious yellow metal a safe bet during current crisis when the global food prices have been rising and stock markets have been tumbling because of the war.