Gold prices in Nepal hit record high of Rs 197,900 per tola
KATHMANDU: The price of gold in Nepal’s local market soared to an all-time high of Rs. 197,900 per tola on Tuesday, driven by a global surge in gold prices. The Nepal Gold and Silver Dealers’ Federation reported a massive increase of Rs. 6,900 per tola for hallmarked gold. Silver prices also saw a modest rise, increasing by Rs. 10 per tola to Rs. 1,970 from Rs. 1,960 on Monday.
The spike follows a sharp rise in the international gold market, where prices crossed $3,400 per ounce on Monday and reached approximately $3,480 per ounce by Tuesday morning, marking a 5 percent increase from last week.
According to CNBC, the surge is linked to U.S. President Donald Trump’s recent statements threatening intervention in the Federal Reserve’s policies. On Friday, Trump criticized Federal Reserve Chairman Jerome Powell for not cutting interest rates and warned that failure to do so could lead to an economic recession.
With international markets closed over the weekend, the impact of Trump’s remarks was fully reflected on Monday. Fears of policy instability at the Federal Reserve have driven investors toward gold, causing its price to skyrocket while the U.S. stock market faced a sharp decline.
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