Gold Price Continues To Soar In Nepal

Gold Price Continues To Soar In Nepal

June 26, 2020, 3:21 p.m.

At a time when the world’s economy has fallen down drastically, the price of gold has been unexpectedly going up in Nepali market.

On Friday, the price of gold reached to 90,600. The price of gold has leapt to a record high of Rs 91100 per tola [11.664 grams] on Monday. Before the country went for a lockdown on March 23, the price was set at Rs 77,000 per tola.

Former president of Nepal Gold and Silver Dealers' Association (FENEGOSIDA) Maniratna Shakya said that wide spread of coronavirus is the main reason behind the current market

He said that the prices of gold will continue to rise till the containment of coronavirus. He said that the global price of gold is increasing and there is no indication to comedown anytime soon.

At a time when economic sector is falling, gold remains safest sector to invest,

The last time the gold set the record high price was on March 11 this year when the precious yellow metal was traded at Rs 82,700 per tola. However, the bullion price started to decline and was last being traded at Rs 77,000 per tola before the lockdown was imposed.

The government’s decision to raise the customs on the import of gold by Rs 350 per tola has also contributed to the jump in the price, according to a dealer.

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