Kathmandu: The domestic gold market witnessed a remarkable surge on Thursday, with prices soaring by Rs 1,800 per tola, setting a new record. This surge comes on the heels of a steady upward trajectory observed since the announcement of the fiscal year 2080/81 budget, which included a 5% increase in customs duty on gold imports.
According to the Federation of Nepal Gold and Silver Dealers’ Association, fine gold is currently trading at an impressive Rs 144,000 per tola, marking a significant uptick from Rs 142,200 per tola recorded just a day earlier on Wednesday.
The latest surge follows a previous record high set on June 4, when gold prices peaked at Rs 142,700 per tola. Despite experiencing a minor dip of Rs 500 per tola on Wednesday, gold rebounded vigorously on Thursday, maintaining its upward trajectory.
Similarly, Tejabi gold is commanding a price of Rs 143,300 per tola today, compared to Rs 141,500 per tola observed on Wednesday, further highlighting the robust demand and upward momentum in the gold market.
In contrast, silver, which experienced a decline in prices on Wednesday, saw a reversal of fortunes today. Silver is currently being traded at Rs 1,850 per tola, marking an increase of Rs 25 per tola from the previous day’s price of Rs 1,825 per tola.
The persistent rise in gold prices underscores the heightened demand and investor sentiment amidst economic uncertainties, both domestically and globally. As the market continues to react to fiscal policies and geopolitical developments, observers remain vigilant for further fluctuations in precious metal prices.