Gold shines at record high of Rs 210,400 per tola

KATHMANDU: Gold price surged to a record high of Rs 210,400 per tola (11.664 grams) on Friday.

The price of fine gold rose by Rs 2,500 from the previous day, according to the Federation of Nepal Gold and Silver Dealers’ Association. Gold was traded at Rs 207,900 per tola on Thursday.

Silver also saw a modest rise to Rs 2,490 per tola.

Gold prices have been rising in international markets as well. Spot gold edged up 0.4% to $3,557.99 per ounce during early trading on Friday, hovering near Wednesday’s all-time high of $3,578.50. Bullion has gained 3.2% this week and is on track for its best week in three months, according to Reuters.

Gold prices have gone up 27% in the global market in 2024, breaking the $3,000 per ounce level for the first time in March.

Nepal, which imports all of its gold, is directly exposed to fluctuations in the international bullion market. Any uptick in global prices is quickly reflected in the domestic market.

The yellow metal first breached the Rs 200,000 threshold in Nepal on Friday last week. Since then, its price has climbed by Rs 10,400 per tola.