Gold shines at record high of Rs 153,000 per tola

KATHMANDU: The price of gold climbed to a new high of Rs 153,000 per tola (11.664 grams) in the domestic market on Wednesday.

According to the Federation of Nepalese Gold and Silver Dealers Association, the price of the yellow metal increased by Rs 800 per tola overnight and is being traded at Rs 153,000 per toll across the country on Wednesday.

The price of gold has increased by a whopping 39.09% over the past year. Gold was traded at Rs 110,000 per tola on this day last year, data provided by the federation shows.

Gold dealers have attributed the rise in the price of yellow metal to international price movement. Since Nepal meets its entire gold demand through imports, any fluctuation in price in the international market is directly reflected in the domestic market.

The price of the yellow metal also rallied in the international market on Tuesday due to the weak dollar among other reasons. “Gold prices extended their record run on Tuesday, holding firm above the key $2,500 level, driven by a weaker dollar and growing investor confidence that the Federal Reserve will likely cut interest rates in September,” reported Reuters news agency.

The price of silver also increased to Rs. 1,820 per tola on Wednesday.