Market Watch

Gold climbs to record high of Rs 142,200 per tola

Himal Press 31 May 2024
Gold climbs to record high of Rs 142,200 per tola

KATHMANDU: Gold climbed to a new high of Rs 142,200 per tola (11.664 grams) in the domestic market this week.

According to the Federation of Nepal Gold and Silver Dealers’ Association, trading began on Sunday with gold priced at Rs 136,900 per tola. The price increased to Rs 137,200 per tola on Monday and further to Rs 137,600 on Tuesday. The yellow metal glittered further on Wednesday and was traded at Rs 138,200.

Gold price increased significantly in the last two trading days of the week and was traded at Rs 140,500 on Thursday and Rs 142,200 on Friday.

According to the federation, the gold price increased significantly in the international market this week due to factors like low US Treasury yields, weakening of the US dollar, and falling oil prices. “The rise in customs duty on gold announced through the budget for the fiscal year 2024/25 also made gold dearer in the domestic market,” the federation said in the statement.

The price of silver reported a nominal growth this week. Silver is being traded at Rs 1,875 per tola on Friday.

The federation is the authorized agency to set gold prices in the domestic market. It fixes gold prices based on different factors like prices in the international market, customs duty, and the value of the Nepali currency vis-a-vis the US dollar. New price rates are forwarded to gold dealers before 11 am every day.

Published On: 31 May 2024


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