Himal Press 
KATHMANDU: Gold price soared to a record high of Rs 198,500 per tola (11.664 grams) in the domestic market on Tuesday.
According to the Federation of Nepal Gold and Silver Dealers’ Association, the price of hallmark gold rose by Rs 1,900 per tola, up from Rs 196,600 per tola on Monday.
Silver prices also saw a modest rise, increasing from Rs 2,255 per tola on Monday to Rs 2,280 on Tuesday.
With this, the yellow metal is nearing the Rs 200,000 per tola threshold in the domestic market. The gold price had breached the Rs 100,000 per tola threshold in December 2022.
In neighboring India, gold was traded at 100,336 Indian rupees per 10 grams on Tuesday afternoon.
Gold is also rising in the international market in anticipation of an interest rate cut by the Fed in September. Since Nepal depends entirely on imports to meet its gold demand, any change in gold price in the international market is reflected in Nepal.
“The main reason behind the recent rise in gold prices is that investors no longer see other sectors of global trade as safe investment options. This uncertainty has driven demand for gold, causing its price to surge,” said Ganesh Prasad Lakandri, treasurer of the Federation of Nepal Gold Silver Gem & Jewellery Associations. “Gold is increasingly being seen as a safe investment asset. However, due to mining challenges, labor shortages and increased risk, global gold production has declined.”
