Gold price rises to record high of Rs 156,300 per tola

KATHMANDU: Gold prices increased by Rs 3,000 per tola (11.664 grams) to Rs 156,300 per tola in the domestic market on Friday.

The Federation of Nepal Gold and Silver Dealers Association, the authorized agency to set bullion prices in the domestic market, has set the price of fine gold at Rs 156,300 per tola.

The yellow metal was traded at Rs 153,300 on Thursday.

The federation has attributed the price rise in the domestic market to a significant increase in gold prices in the international market. Since Nepal meets all its gold demand through imports, any change in the global market price is directly reflected in the domestic market.

According to Reuters news agency, gold prices rose more than 1% to hit a record high on Thursday. Spot gold was up 1.7% at $2,554.05 per ounce, as of 02:10 pm ET, while US gold futures settled 1.5% higher at $2,580.60.

Investors turned to gold as a safe haven investment after US data signaled a slowing economy.

Gold prices also soared to a record high of 74,450 Indian rupees per 10 grams in India on Friday.