The price of gold falls by Rs 2,000 per tola

The price of gold fell by Rs 2,000 per tola on Friday. Consequently, the current price of gold is Rs 147,500 per tola, according to the Federation of Nepal Gold and Silver Dealers Association.

Furthermore, the price peaked at Rs 149,800 per tola on Wednesday; however, it then dropped to Rs 149,500 per tola on Thursday.

In addition, the price of silver has decreased along with that of gold. At this moment, the price of silver has decreased by Rs 30 per tola to Rs 1,830. Previously, silver was trading for Rs 1,860 a tola.

Finally, gold was traded for Rs. 47,502.94 and silver for Rs. 1,830.08 per tola on Saturday.

Reasons for the Increase in the Price of Gold

The Federation of Nepal Gold and Silver Dealers Association sets the daily price of gold in Nepal. Since they are the primary factors, global market prices have the most influence on this.

Global factors determine the price of gold. International prices, stated in US dollars, determine the price of gold in Nepal. However additional taxes and import duties can affect the cost.

If the Nepali rupee’s value drops against the US dollar, gold will become more costly.

Interest rates, flexible policies, and global economic growth are examples of external factors that impact the price of gold.

Many countries regard gold as a safe investment and a reliable hedge against inflation. Growing geopolitical concerns are now causing people all around the world to turn to gold as a safe investment alternative.

We anticipate a decline in the value of gold. That’s what Tej Ratna Shakya says. He served as the Federation of Nepal Gold and Silver Dealers Association’s president once. Interest rates are rising according to the US Federal Reserve. As such, we expect the price of gold to decline.

Genuine investment opportunity

But he also said that as more people see yellow metal as a safe investment option, its price has increased.

Shakya states that the cost of an ounce of gold used to be $1 or $2, but now it is between $20 and $30.

In Nepal, there is a customs duty of Rs 8,500 for every 10 grams of gold.

Investors view gold as a haven asset on the international market, leading to an increase in its value during uncertain or challenging times.

It was anticipated that the price of an ounce of gold would top $2,000 on the international market this year. In this instance, the cost per ounce is $2,014, exceeding that level already. Shakya predicts that market turbulence will spur more market expansion.

Gold started to gain value with the Covid-19 pandemic. It increased far more after Russia invaded Ukraine.

Kamala Harris formally announces her candidature for the US presidential election

Can Harris win the US presidential election in the wake of Joe Biden’s withdrawal?

Biden drops out of presidential election clearing the way for Kamala Harris