Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: Gold prices in the Nepali market surged to an all-time high on Wednesday, edging closer to Rs 300,000 per tola after rising by a sharp Rs 10,400 in a single day. According to the Federation of Nepal Gold and Silver Dealers’ Association, fine gold is now being traded at Rs 295,100 per tola, the highest level ever recorded in the domestic market.
On Tuesday, gold prices had already increased by Rs 2,700 per tola to stand at Rs 284,700. Earlier on Sunday, gold was traded at Rs 282,000 per tola, indicating a steep upward trend within just a few days.
Traders attribute the sharp rise in domestic prices to the continued surge in international gold rates, volatility in global financial markets, currency fluctuations, and growing demand for gold as a safe-haven asset amid rising geopolitical and economic uncertainty. On Wednesday, gold prices in the international market climbed to USD 4,866.02 per ounce, up from USD 4,714.46 per ounce recorded on Tuesday.
The rapid escalation in gold prices has started to affect the domestic jewellery market. Business owners report a decline in regular consumer purchases as higher prices discourage retail buyers, except for essential demand related to weddings and cultural ceremonies. At the same time, interest from investors seeking to hedge against inflation and market risks has increased.
Silver prices also followed an upward trajectory. On Wednesday, silver rose by Rs 40 per tola to reach Rs 5,920 per tola. On Tuesday, silver had increased by Rs 70 per tola and was traded at Rs 5,880 per tola. In the international market, silver was priced at USD 94.5 per ounce on Wednesday.
Market analysts warn that continued strength in global precious metals prices could lead to further volatility in the Nepali market in the coming days. With international trends pointing towards sustained demand for safe assets, gold and silver prices are expected to remain highly sensitive to global economic and geopolitical developments.
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