Gold price through the roof making new highs in Nepalese Market; silver traded at Rs 1,150 per tola

Fri, Jul 24, 2020 11:12 AM on Economy, Latest,

Gold and silver are on a winning streak in the Nepalese market.

Gold price formed new highs today, with fine gold trading at Rs. 95,800, tejabi gold at Rs. 95,365, and silver trading at Rs. 1,150 in the Nepalese market. This data is taken from the official website of the Federation of Nepal Gold and Silver Dealers' Association (fenegosida).

This massive price hike of gold and silver in the Nepalese market is in sync with the international market. In the international market yesterday, the price of gold briefly rose above its all-time record closing price of $1,891.90 per ounce, set in August 2011.

Additional cases of Coronavirus in many countries have created fears of an even brutal global recession. Thus, investors are flocking to safe havens, i.e. precious metals.

During times of crisis, normal people are afraid of keeping their wealth as currency notes of a country since these currencies will lose purchasing power if they are inflated. As a result, they will hoard more of the wealth that will keep its value. In other words, people will want as much gold and silver that their money can buy.