Gold price up by Rs 38,000 in five years

KATHMANDU: The price of a total of gold (11.66 grams)  soared by more than Rs 38,000 in the past five years in the Nepalese market. 

While analyzing the market price fixed by the Nepal Federation of Gold and Silver Dealers' Association, the price of a tola of gold gained by Rs 38,100 in the local bullion market between November 12, 2017 and November 11, 2021. 

The hall-mark gold was traded at Rs 55,900 per tola on Nov 12, 2017 while the price of the same quantity was recorded at Rs 94,000 on Nov 11, 2021. 

When asked about the consistent rise in the price of gold and silver in the local market, spokesperson for Nepal Rastra Bank, Dev Kumar Dhakal said it is due to the weaker value of the Nepali currency when compared to the US dollar. 

“In recent days, the price of gold is rising in the international market attributed to a soaring demand of the yellow metal among the consumers.”

Dhakal added that the steep rise in the gold price is also a result of the coronavirus pandemic as it is considered a safe haven for investors. 

A dollar was traded at Rs 104.56 on Nov 12, 2017 while it climbed to Rs 119.32 on Thursday [Nov 11, 2021]. It shows that a dollar has become stronger by Rs 14.76 in the past five years.