Gold Makes All-Time High in Nepalese Market

The price of gold has made an all-time high in the Nepalese market.

According to the official website of the Federation of Nepal Gold and Silver Dealers' Association, fine gold is being traded today at Rs. 1,05,500 per tola. This is the highest pricing of gold ever in the national market. The previous all-time high was created on 2020-08-07 when fine gold was traded at Rs. 1,03,500.

Meanwhile, Tejabi gold is being traded at Rs. 105,000 today. In contrast, the previous all-time high rate was Rs. 1,03,000.

Today's gain is a result of Rs. 2,500 single-day gain from yesterday's price. The price of gold has been gaining in the national and international markets.

On the sideline, silver has gained Rs. 40 per tola. The lustrous white metal is being traded in the local market today at Rs. 1,450 per tola, compared to yesterday's closing rate of Rs. 1,410 per tola. Silver, under the shadow of its pricier counterpart, is often overlooked. Note that the percentage gain in silver is greater today.

Nepal Rastra Bank has reduced the daily limit on the import of gold. Now, no more can 10 kilograms of gold can be imported in a single day. In Chaitra last year, the daily quota was increased from 10 kg to 20 kg in response to rising demand from the public. As a result of depleting foreign reserves in the country, the limit has now been reverted to 10 kg per day.

Gold is also very near its all-time high in the international market today. According to kitco.com, gold is trading at $2,058.40 per ounce. Gold reached an all-time high of $2074.88 in August of 2020.

The gain is a result of investors flocking to gold, which is considered a safe haven amidst mounting fears around the Russia-Ukraine crisis, with the U.S. and Britain saying they would ban oil from Moscow.