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Gold price hits record high: Thanks to U.S. interest rate cuts and global wars

ratopati
Ratopati September 27, 2024
Gold price hits record high: Thanks to U.S. interest rate cuts and global wars

Kathmandu, September 27 — The price of gold increased by NPR 500 per tola (11.66 grams) on friday.

After trading at NPR 160,700 on Thursday, the price of gold was set at NPR 161,200 on Friday, marking the highest price to date. Recently, gold prices have been setting new records every day.

According to former president of the Nepal Gold and Silver Dealers' Association, Maniratna Shakya, fluctuations in gold prices do not reflect any role of the domestic market.

He stated, "Currently, the U.S. central bank has reduced interest rates, which has attracted investors towards gold." Additionally, geopolitical tensions in countries such as Russia-Ukraine and Israel-Palestine have also impacted gold prices.

On Friday, the price of silver remained stable, trading at NPR 1,955 per tola, the same as Thursday's price.

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