Global rally pushes gold up Rs 3,800 per tola in Nepal this week

KATHMANDU: Gold price in Nepal increased by Rs 3,800 per tola (11.664 grams) this week, with hallmark gold reaching a record high of Rs 190,600 per tola (11.664 grams) on Thursday.

Gold was traded at Rs 186,000 per tola on Sunday. The price fell to Rs 184,300 on Tuesday, but rose to Rs 187,000 on Wednesday, posting an overnight gain of Rs 2,600 per tola. The price increased further to a record high of Rs 190,600 per tola on Thursday – a gain of a whopping Rs 3,600 per tola – but moderated slightly to Rs 189,800 on Friday.

Gold prices extended their record run in the international market on Wednesday to breach $3,300 per ounce, as a weaker dollar and escalating US-China trade tensions pushed investors towards the safe-haven asset, reported Reuters news agency. “Beyond $3,300, it’s all about psychological levels for gold prices. Bulls may target $3,400, $3,500, and upwards. However, a bout of profit-taking or positive US-China trade developments could trigger a selloff,” a market analyst told Reuters.

Since Nepal meets all its gold demand through imports, any change in the price of gold in the international market is directly reflected in the domestic market.

The price of silver, however, remained unchanged at Rs 1,960 per tola.