Gold Price Hits Record High for Third Consecutive Day in Nepal

The price of gold continued an upward rally for the third consecutive day in the domestic market of Nepal, hitting an all-time high of Rs 205,900 per tola (11.66 grams) on Tuesday, September 2.

According to the Federation of Nepal Gold and Silver Dealers' Association, Tuesday’s price marked a rise of Rs 600 per tola from Monday’s price of Rs 205,300. On Monday, the price had surged by Rs 1,700 per tola from Sunday’s Rs 203,600, which itself was a record high following a Rs 3,000 jump from the previous day.

Silver also became dearer, reaching Rs 2,485 per tola on Tuesday, up from Rs 2,470 on Monday and Rs 2,425 on Sunday.

Former president of the Federation, Manik Ratna Shakya, attributed the continuous rise in gold prices to uncertainties in global politics and economic conditions rather than domestic demand.

The federation fixes the prices of gold and silver in Nepal based on the prices in the international market.

In the international market, gold is being traded at USD 3,494 per ounce on Tuesday, up from USD 3,480 per ounce on Monday. An ounce of gold weighs 31.1 grams.