KATHMANDU: Gold price, which has been continuously surging in recent months, hit a fresh record of Rs 99,000 per tola on Thursday. As per the Federation of Nepal Gold and Silver Dealers’ Association, the price of gold rose by Rs 500 a tola on Thursday compared to Wednesday’s price to set a new record.

The yellow metal is making record every passing day in terms of price. Gold prices have been rising to unprecedented highs in the global bullion markets as investors are preferring safe haven assets amid economic uncertainty triggered by the COVID-19 pandemic.

“The rise in gold price has severely affected businesses of gold jewellery as there is no demand for new gold in the market,” said Mani Ratna Shakya, former president of the federation. In line with gold, silver price too is rising every day. On Thursday, silver was traded at Rs 1,225 per tola in the domestic market.

A version of this article appears in e-paper on July 31, 2020, of The Himalayan Times.