Gold Makes New High as Investors Flock to Safe Havens for Their Wealth

The price of gold in the Nepalese market made a new high today.

According to the official website of the Federation of Nepal Gold and Silver Dealers' Association (FENEGOSIDA), fine gold is being traded at Rs. 99,600 per tola in the local market while tejabi gold is being traded at Rs. 99,160 per tola. The rate of Silver increased by Rs 30 to settle at Rs 1230 per tola.

This is a result of investors flocking to safe havens and demanding more gold since it is deemed safer than other assets during times of economic turbulence. The price of gold in Nepal has further been hiked by the added customs duty on precious metals to generate more revenue at a time when other sectors are struggling to produce income.