Himal Press 
KATHMANDU: Gold prices climbed to a new all-time high in the domestic market on Sunday, breaking a record set just two months ago.
According to the Federation of Nepal Gold and Silver Dealers’ Association, fine gold was traded at Rs 258,800 per tola (11.664 grams) on Sunday, surpassing the previous record of Rs 258,000 per tola recorded on October 17. The price increased by Rs 2,200 per tola compared to Saturday, when the yellow metal was traded at Rs 256,600 per tola.
Traders say the sharp rise in gold prices is due to international price movements. Since Nepal meets all its gold demand through imports, any fluctuation in international prices is directly reflected in the domestic market.
The depreciation of the Nepali rupee vis-à-vis the US dollar has also contributed to the rise in gold prices. The Nepali rupee is at one of the lowest levels against the greenback at Rs 144.37 on Sunday. A strong dollar means buyers have to invest more local currency for imports, which naturally increases cost.
Gold climbed to $4,293.43 per ounce in the international market on Saturday and is continuing its upward march toward the all-time high of $4,381.21 per ounce set on October 20.
