The price of gold has increased by NRs 2,900 per tola in the Nepali jewelry market, reaching a record-high gold price on Sunday.
According to the Federation of Nepal Gold and Silvers Dealers Associations, the price of fine gold has reached Rs 110,000 per tola today.
This is the highest rate at which the yellow metal has been traded in the country, informs the federation’s General Secretary, Dharma Sundar Bajracharya.
The gold and silver prices in Nepal are determined by a variety of factors, including international market forces and local conditions.
Experts speculate the gold prices surged as a wave of banking crises which shook global markets and put bullion on track for its biggest weekly rise in three years, while bets solidified for a less aggressive Federal Reserve in its fight against inflation.