KATHMANDU: Economic Digest offers a concise yet comprehensive overview of significant business happenings in Nepal, presented in easily digestible summaries.
Gold prices in Nepal have reached a historic high of NPR 171,000 per tola, driven by increased demand during the Tihar festival, highlighting gold’s cultural significance and its status as a safe-haven asset.
This surge of NPR 2,200 since Wednesday coincides with a slight decline in silver prices, reflecting changing consumer preferences.
In aviation news, Thai AirAsia is set to resume flights at Tribhuvan International Airport (TIA) and Gautam Buddha International Airport (GIA) starting November 3, following the lifting of a temporary ban by the Civil Aviation Authority of Nepal (CAAN).
The airline will operate four weekly flights to TIA and two to GIA, with strict compliance conditions in place.
Additionally, Annapurna Base Camp (ABC) has seen an unprecedented influx of approximately 3,000 domestic tourists during the festive season, while the Nepal Stock Exchange (NEPSE) will remain closed from Thursday to Monday for Tihar celebrations, resuming trading on Tuesday.
Gold prices reach historic peak amid Tihar celebrations
The surge in gold prices, which have hit a historic high of NPR 171,000 per tola, underscores the unique interplay between cultural events and market dynamics in Nepal.
This increase, driven by the heightened demand associated with the Tihar festival—one of the country’s most significant celebrations—reflects both the cultural value of gold as a traditional gift and its role as a safe-haven asset during uncertain economic times.
The recent rise of NPR 2,200 since Wednesday indicates strong market enthusiasm, while the slight decline in silver prices, now at NPR 2,090 per tola, illustrates the shifting preferences of consumers as they gravitate towards gold during festive seasons.
This phenomenon not only highlights the festive spirit but also serves as a reminder of gold’s enduring significance in Nepalese society, both as a symbol of prosperity and a reliable investment.
Thai AirAsia to conduct flights in TIA, GIA
Thai AirAsia’s resumption of flights at Tribhuvan International Airport (TIA) in Kathmandu and Gautam Buddha International Airport (GIA) in Bhairahawa, starting November 3, marks a significant development in Nepal’s aviation sector.
Following a temporary ban imposed by the Civil Aviation Authority of Nepal (CAAN) on September 27 for regulatory violations, the airline’s commitment to adhere to CAAN’s guidelines has facilitated this reinstatement.
With plans for four weekly flights to TIA and two to GIA, Thai AirAsia aims to strengthen its presence in the region.
However, CAAN has made it clear that any cessation of services to GIA would result in the automatic cancellation of its operations at TIA, emphasizing the importance of compliance and operational consistency for international carriers in Nepal.
ABC witnesses unprecedented influx of tourists this season
The Annapurna Base Camp (ABC) has experienced an unprecedented influx of tourists this season.
A significant number of domestic visitors have traveled to the ABC at Narchyang in Annapurna Rural Municipality-4 in the Myagdi district during the festive period.
Ten Gurung, a campaigner for the trekking route, reported that approximately 3,000 visitors have arrived since the start of the Dashain vacation.
NEPSE toremain closed during Tihar
The government has declared a public holiday from Thursday to Monday in celebration of Tihar. Nepal Stock Exchange Limited (NEPSE) will also remain closed during this period, resuming regular trading on Tuesday at 11:00 am.
NOC reduces price of diesel and kerosene
Nepal Oil Corporation (NOC) has reduced the price of diesel and kerosene by one rupee per litre with effect from today.
With the price adjustment, diesel will cost 147 rupees 50 paisa per category A, 149 rupees for B and 150 rupees per litre for category C.
(Prepared by Srija Khanal)
Comment