Gold Prices Skyrocket in Nepalese Market, Marking Historic Gain Daily

The Nepalese gold market has experienced an unprecedented surge, hitting an all-time high on December 3, 2023. The Federation of Nepal Gold and Silver Dealers' Association reported a remarkable single-day gain of Rs. 1,800, driving fine gold to an extraordinary rate of Rs. 1,20,800 per tola.

Just a day ago, on December 1, 2023, the price of fine gold stood at Rs. 1,19,000 per tola. Tejabi gold, another coveted variant, has also witnessed a substantial increase, currently trading at Rs. 1,20,200 per tola, up from its previous rate of Rs. 118,450.

The surge in gold prices was initiated on November 29, 2023, when both fine gold and tejabi gold hit unprecedented highs at Rs. 1,19,300 and Rs. 1,18,750 per tola, respectively.

In contrast to the gold rally, the price of silver has seen a notable uptick, gaining Rs. 5 to trade at Rs. 1,545 per tola.

The global surge in gold prices, now at $2,071.00 per ounce, has significantly impacted the domestic bullion market. Simultaneously, silver is being exchanged at $25.43 per ounce on the international market.