Gold becomes dearer in Nepal as Britain votes to leave EU

KATHMANDU: After the United Kingdom voted for leaving the European Union, the price of gold increased by Rs 3,000 per tola in the Nepali market and was traded at Rs 59,000 on Friday.

The gold price in Nepal is directly affected by the international market rates. Immediately after the results of the Brexit today, gold price in the international market was marked the highest since the 2008 global financial crisis.

According to the Federation of Nepal Gold and Silver Dealers' Association, the bullion price surged as the value of US dollars went up in the international market.

The gold price was Rs 56,000 per tola (11.66 grams) on Thursday.

However, the price of silver has slightly risen (Rs 25 per tola) compared to the previous day and reached Rs 795 per tola.

After the victory of Leave, the Pound Sterling had suffered its biggest one-day fall in history, plunging more than 10 percent against the dollar to levels last seen in 1985 on fears the decision will hit investment in the world’s fifth-largest economy.