KATHMANDU: Economic Digest offers a concise yet comprehensive overview of significant business happenings in Nepal, presented in easily digestible summaries.
Gold prices in Nepal soared to new record highs on Friday, with fine gold reaching Rs. 1,61,200 per tola, an increase from Rs. 1,60,700 the previous day, while Tejabi gold rose to Rs. 1,60,500 per tola.
In economic news, consumer price inflation eased to 4.10 percent in mid-August 2024, down from 7.52 percent last year, attributed to stable non-food prices and services, and falling below last year’s average of 5.44 percent.
Meanwhile, the NEPSE Index declined by 3.49 percent this week, closing at 2,486.76 after experiencing significant volatility, with a total turnover of Rs 26.09 billion.
Gold prices surge to new record highs
Gold prices in Nepal on Friday reached unprecedented levels.
As reported by the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA), the price of fine gold climbed to Rs. 1,61,200 per tola, up from Rs. 1,60,700 the previous day.
Similarly, Tejabi gold also experienced a price rise, and traded at Rs. 1,60,500 per tola, an increase of Rs. 500 from the previous rate of Rs. 1,60,000 per tola.
Consumer price inflation eases to 4.10 percent
Consumer price inflation decreased to 4.10 percent in mid-August 2024, down from 7.52 percent during the same period last year.
According to the Nepal Rastra Bank’s (NRB) report on the Current Macroeconomic and Financial Situation of Nepal, inflation moderated in the first month of the current fiscal year, primarily due to stable prices in non-food sectors and services.
Notably, the inflation rate for this period was lower than the annual average of 5.44 percent recorded in the previous fiscal year.
NEPSE Index dips 3.49 percent this week
The NEPSE Index ended the week at 2,486.76, reflecting a decrease of 90 points, or 3.49 percent.
Last week, the index closed at 2,576.76, marking a 4.16 percent decline from the previous week.
During the week, the index fluctuated between a high of 2,643.51 and a low of 2,443.28, resulting in a volatility of 200.23 points, compared to 183.18 points the week prior.
The largest single-day drop occurred on Monday, with a loss of 59.02 points and a turnover of Rs 5.66 billion. Overall, the total turnover for the week reached Rs 26.09 billion.
(Prepared by Srija Khanal)
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