Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: Gold prices in Nepal have reached a historic high, hitting NPR 170,700 per tola on Wednesday, with a remarkable single-day increase of NPR 2,200. This rise reflects global trends as demand for the precious metal continues to climb amid economic uncertainties and fluctuating market dynamics. This new high surpasses previous records set earlier this week and solidifies gold as one of the most sought-after investments in the current economic climate.
The week began with gold prices reaching a milestone of NPR 168,500 per tola on Sunday, a figure that had already set a national record. However, prices temporarily dipped by NPR 400 on Monday before rebounding on Tuesday and setting another record. By Wednesday, the price increase broke all previous records, marking NPR 170,700 per tola as the highest level Nepal’s gold market has ever seen.
**Global Market Influences and Predictions for Gold Prices**
Experts attribute the sharp increase in gold prices to global factors, including heightened demand and supply chain limitations in the international commodity market. This trend has led to projections of further price hikes. International market analyses suggest that gold could reach an unprecedented USD 2,941 per ounce within the next year. Investors and analysts are observing these predictions closely, as gold continues to be viewed as a safe haven amid economic turbulence.
Silver Prices Climb as Well
Silver has also experienced an upward trend this week. On Monday, silver dropped by NPR 20 per tola but rebounded by NPR 40 per tola on Tuesday, reaching NPR 2,105 per tola. On Wednesday, silver rose by an additional NPR 15 per tola, with the Nepal Gold and Silver Dealers’ Association setting the latest price at NPR 2,120 per tola.
These record-breaking price increases have attracted the attention of both local and international investors who see gold and silver as secure investment options. The trend suggests that precious metals will continue to play a significant role in portfolios as economic uncertainties persist globally.
The current rally in precious metal prices marks a notable period for Nepal’s gold and silver market, which continues to set new records in response to international trends and domestic demand.
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