Gold glitters at a new high of Rs 309,000 per tola

KATHMANDU: Gold price hit a new record in the domestic market on Monday in line with the sharp rise in international markets amid global geopolitical tensions and a weakening US dollar.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the price of fine gold climbed Rs 5,200 per tola (11.664 grams) overnight to Rs 309,000 per tola.

On Sunday, fine gold was traded at Rs 303,800 per tola.

Silver prices also moved up. The federation has fixed the price of silver at Rs 6,765 per tola on Monday, up from Rs 6,480 per tola a day earlier.

The surge in domestic prices mirrors the international market, where gold crossed the $5,000-per-ounce mark for the first time on Monday as escalating geopolitical tensions weighed on the US dollar.

Gold was traded at Rs 160,400 per tola in the domestic market on July 26 last year. With the price now at Rs 309,000 per tola, gold has gained about 92.4% over the past year.

Nepal meets its entire gold demand through imports, making domestic prices highly sensitive to fluctuations in global markets and currency movements.