Nepal’s gold market witnessed an unprecedented surge, hitting an all-time high on April 19, 2024, signaling significant shifts in both domestic and international dynamics.
According to the Federation of Nepal Gold and Silver Traders’ Association, fine gold soared by Rs. 700, reaching an extraordinary Rs. 1,39,300 per tola, up from its previous Rs. 1,38,600. Similarly, Tejabi gold experienced a substantial increase, now priced at Rs. 1,38,650 per tola, marking a consecutive rise of Rs. 700.
The pinnacle of this surge occurred on April 16th, 2024, with fine gold touching Rs. 1,39,200 per tola and silver reaching a record high of Rs. 1,750. However, silver has witnessed a minor decline by Rs. 5 per tola, currently valued at Rs. 1,720 per tola compared to the previous day’s closing rate.
While domestic prices continue to rise, international market dynamics also play a significant role. The latest update indicates gold trading at $2,381.10 per ounce and silver experiencing negative momentum at $28.13 per ounce.
The surge in Nepal’s gold market reflects a combination of factors, including global economic uncertainties, geopolitical tensions, and shifting investor sentiments. As investors seek safe-haven assets amidst volatility, gold emerges as a preferred choice, driving prices to unprecedented levels.
In conclusion, Nepal’s gold market is experiencing historic highs, influenced by a complex interplay of domestic and global factors. As the market continues to evolve, stakeholders must closely monitor developments to navigate challenges and capitalize on opportunities in this dynamic landscape.