Gold marches to a record high of Rs 274,700 per tola

KATHMANDU: Gold prices in the domestic market climbed to an all-time high on Monday, as international bullion prices rose on safe-haven demand.

The price of hallmark gold reached Rs 274,700 per tola (11.664 grams), according to the Federation of Nepal Gold and Silver Dealers’ Association. This marks a steep increase from Sunday, when hallmark gold was traded at Rs 270,600 per tola.

Silver prices have also scaled a new peak. A tola of silver is being traded at Rs 5,195 per tola on Monday. Traders say rising industrial demand and global price movements have contributed to the surge in silver prices as well.

Spot gold rose more than 1% in the international market on Monday to hit a record high of $4,600.33 per ounce. Analysts attributed the rally to heightened geopolitical risks and increased demand for safe-haven assets.

Since Nepal meets its entire gold demand through imports, any change in global bullion prices is directly reflected in the domestic market.

On January 12 last year, gold was traded at Rs 154,100 per tola in the domestic market. This means the price of the yellow metal has jumped by 78.62% within a year.