Himal Press 
KATHMANDU: The price of gold in the Nepali market jumped by Rs 7,100 per tola (11.664 grams) on Friday, setting a new all-time high amid a global rally in the precious metal.
According to the Federation of Nepal Gold and Silver Dealers’ Association, hallmark gold is being traded at Rs 258,000 per tola, up from Rs 250,900 on Thursday.
Gold prices have increased by over 19% in the past month. A tola of gold was traded at Rs 216,100 on September 17, meaning prices have increased by Rs 41,900 in just one month.
Dealers attributed the continued rise in domestic prices to strong momentum in the international market.
Gold prices have surged to around $4,370 per ounce (2.43 tolas) in the international market on Friday.
“Gold notched a new high above $4,300 an ounce on Friday and was poised for its best week in over 17 years, as signs of weakness in US regional banks, global trade frictions and further rate-cut hopes pushed investors to the safe-haven metal,” Reuters said. “Spot gold rose 0.9% to $4,362.39 per ounce, as of 0439 GMT, after scaling another record high of $4,378.69 earlier.”
Since Nepal meets all its gold demand through imports, any changes in the price in the international market are directly reflected in domestic prices.
