Gold price hits record high of Rs 94 thousand per tola

Kathmandu - The price of gold has increased by Rs 1,300 per tola (1.66 grammes) in the domestic market on a single day today. The Federation of Nepal Gold and Silver Dealers Association said the price of hallmark gold in the domestic market is Rs 94 thousand per tola and that of the worked gold is Rs 93 thousand 560 per tola.

The price of hallmark gold was Rs 92 thousand 700 per tola and that of worked gold was Rs 92 thousand 260 per tola on Tuesday. Similarly, the price of silver increased by Rs 95 per tola to reach Rs 1,135. Federation president Mohan Kumar Sunar said the price of the yellow metal and silver has increased in the domestic market in line with spike in its price in the international market.

The price of gold has reached 1,868.45 US Dollars per ounce in the international market today. According to Sunar, the price of gold has increased also as the investors are attracted towards gold compared to other areas. The Federation also said transaction of gold has dropped almost to nil in the domestic market with the surge in its price almost on a daily basis.

"The transaction in the Nepali market has reduced close to nil mainly due to the impact of COVID-19 pandemic," he said, adding that gold and silver traders throughout the country have reported to him that the sale of gold has slumped drastically.