Himal Press 
KATHMANDU: Gold prices surged to a new all-time high in the domestic market on Wednesday, reflecting continued strength in international prices and a weaker Nepali currency against the US dollar.
According to the Federation of Nepal Gold and Silver Dealers’ Associations, the yellow metal is being traded at Rs 268,100 per tola (11.664 grams) on Wednesday, the highest price ever recorded in Nepal.
The precious metal had set a previous record just a day earlier, on Tuesday, when it was priced at Rs 267,200 per tola.
Silver prices also climbed to a new peak of Rs 4,420 per tola on Wednesday.
Since Nepal meets all its gold demand through imports, prices in the local market are highly sensitive to global price movements. In addition, the appreciation of the US dollar against the Nepali rupee has further pushed up domestic gold prices.
Gold hit a record high of $4,497.55 per ounce in the international market on Tuesday. Gold prices have surged by around 70% so far this year, driven by heightened geopolitical tensions, expectations of US interest rate cuts, strong buying by central banks, and robust investment demand, according to Reuters.
Analysts expect the rally to continue, with some forecasting that gold prices could cross the $5,000 per ounce mark next year if current trends persist.
