Gold crosses Rs 300,000 per tola

KATHMANDU: Gold prices crossed the Rs 300,000 per tola mark in the domestic market on Friday, hitting a new record amid a sharp rise in international prices.

The Federation of Nepal Gold and Silver Dealers’ Association has fixed the price of gold at Rs 301,400 per tola, up by Rs 9,200 in a single day.

The gold price has gone up by 88.84% over the past year. According to the federation, gold was traded at Rs 159,600 per tola on January 23 last year and at Rs 118,400 per tola on January 23, 2024.

Since Nepal meets all of its gold demand through imports, any movement in international prices is immediately reflected in the local market.

In the international market, gold climbed to a record high of $4,966.59 per ounce during early trading on Friday. The safe-haven metal has risen by more than 11% so far in the international market in 2026, extending a strong rally after jumping 64%.

Market analysts attribute the rally to persistent geopolitical uncertainty, expectations of interest rate cuts in major economies, and increased demand from central banks. Goldman Sachs recently raised its end-2026 gold price forecast to $5,400 per ounce, up from an earlier estimate of $4,900, citing stronger-than-expected purchases by private investors and emerging-market central banks seeking to diversify reserves, according to Reuters.

Meanwhile, silver prices in the domestic market also increased on Friday. The price of silver rose to Rs 6,190 per tola, up by Rs 320 compared to the previous day.