On Sunday, the price of gold in Nepal hit a new high of Rs 203,600 per tola, which is Rs 3,000 more than the last Friday. The Federation of Nepal Gold and Silver Dealers’ Association says that the gold price was set for Rs 200,600 per tola on Friday. Traders said that the main reasons were the demand throughout the festival season and a steady worldwide economy.
The association said that silver also went up, from Rs 2,360 per tola to Rs 2,425 per tola, which is an increase of Rs 65. The data from Sunday show that both metals are trading close to their highest level ever seen in the local market.
International market: Kitco said that as of Sunday in New York, spot gold was selling for roughly $3,446 an ounce on the global market. U.S. gold futures ended close to $3,516 per ounce on Friday. This was because interest rate expectations were changing, according to Reuters.
What’s next: Prices for gold and silver in Nepal normally follow prices in other countries, so prices may be unstable while markets digest new economic data and signals from central banks. Global trade is set to start up again in Asia on Monday.
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