On Friday, the Gold dropped by Rs 2,000 per tola. The Federation of Nepal Gold and Silver Dealers Association states that the current price of gold is Rs 147,500 per tola.
This decline comes after the price of Rs 149,500 per tola on Thursday, which came after the price hit a record high of Rs 149,800 per tola on Wednesday.
Silver has dropped in price in addition to gold. Silver’s price dropped by Rs 30 per tola, to Rs 1,830 per tola as of right now. Silver was trading at Rs 1,860 per tola the day before.
On Saturday Gold was traded at Nrs. 147,502.94 and silver at Nrs. 1,830.08 per tola.
Reasons for the Increase in Gold Prices
The Federation of Nepal Gold and Silver Dealers Association determines the daily gold price in Nepal. Global market prices primarily influence this, as they are the main factors.
Global variables determine the price of gold. International prices, expressed in US dollars, determine the prices of gold in Nepal. However, import levies and other taxes also influence the prices.
Gold will become more expensive if the value of the Nepali rupee declines relative to the US dollar.
International variables that affect the price of gold include interest rates, changeable policies, and the growth of the world economy.
Many nations consider gold a secure investment option and an effective inflation hedge.People all across the world are now turning to gold as a secure investment option due to growing geopolitical concerns.
It is predicted that the price of gold will drop. This is according to Tej Ratna Shakya. He is a former president of the Federation of Nepal Gold and Silver Dealers Association. The US Federal Reserve is increasing interest rates. Therefore, we anticipate a decrease in the price of gold.
Genuine investment opportunity
However, he added, the yellow metal’s price has risen as more people view it as a secure investment alternative.
According to Shakya, the price of gold ranges between $20 and $30 per ounce these days, as opposed to $1 or $2 in the past.
For every 10 grams of gold, there is a customs fee of Rs 8,500 in Nepal.
Due to its reputation as a haven asset on the global market, gold prices climb in uncertain or difficult times.
This year, it was expected that the price of an ounce of gold would exceed $2,000 in the global market. The cost per ounce has already surpassed that threshold, at $2,014 in this case. Shakya projects that uncertainties in the market will cause it to grow more.
Gold began to appreciate after the Covid-19 epidemic. Following Russia’s invasion of Ukraine, it increased much more.
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