Gold dearer by Rs 32,500 in one year

KATHMANDU: The price of gold has risen sharply in the Nepali market in the last one year.

According to the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA), the price of the precious yellow metal increased by Rs 32,500 per tola (11.664 grams) during the period.

The price of fine gold was Rs 65,000 per tola, tejabi gold Rs 64,700 per tola and silver was Rs 775 per tola on July 28, 2019.

Similarly, the silver price has also increased by Rs 435 per tola in a year.

The prices of gold and silver have been steadily increasing in the market for the past one year. The gold price registered an increase of Rs 1,200 per tola today and is being traded at an all-time high of Rs 97,500 per tola.

Likewise, tejabi gold and silver are being traded at Rs 97,060 and Rs 1,210 per tola respectively.

The FENEGOSIDA has stated that the rising price of gold in the international market has affected the local market.

According to the Money Metal Exchange, the price of gold in the international market today has reached USD 1,942.20 per ounce. The price of gold is estimated to reach 2,000 dollars per ounce.

FENEGOSIDA President Mohan Kumar Sunar says that the price of gold has increased internationally as investors consider it a safe investment.

He added that the trade of gold has come to a standstill even though it is approaching Rs 100,000 per tola in the domestic market.