Due to a blend of geopolitical and economic dynamics, the global gold market has experienced a notable surge in recent weeks.
In the domestic sphere, both gold and silver prices have been consistently hitting unprecedented highs, setting new records with each passing day.
This trend persisted on Friday, with gold prices reaching a historic pinnacle as a tola of gold touched Rs. 139,000 in the local bullion market.
Today, the price of gold surged by Rs. 2,400 per tola, reaching Rs. 139,000, compared to Rs. 136,600 just the day before. In parallel, silver prices climbed by Rs. 50 per tola, reaching a record high of Rs. 1,750 per tola in the local market.
The surge in international gold prices has significantly influenced the uptrend observed in the domestic market over the past few days, as noted by Tej Ratna Shakya, a seasoned gold trader.
Mounting tensions in gold-producing regions, coupled with uncertainties surrounding central bank policies in major economies, have spurred investor interest in safe-haven assets like gold. This increased demand has driven prices upward, impacting markets globally, including Nepal.
Shakya emphasized the unprecedented nature of the situation, stating that while international gold prices were breaking records, domestic prices were following suit daily.
“The surge in international gold prices is the primary driver behind the soaring local prices,” he remarked. He pointed out that the price of gold surged by USD 41 per ounce to 2,386 in the international market, suggesting further increases in the local market.
He underscored the unusual nature of such volatile gold prices both domestically and internationally, noting that such fluctuations were unprecedented.
