Gold price soars to record high of Rs 75,500 per tola

KATHMANDU: Gold price has again set a new record by rising to Rs 75,500 per tola in the domestic market today.

According to the Federation of Nepal Gold & Silver Dealers’ Association(FeNeGoSiDA), the gold price was traded at Rs 75,500 per tola, a steep rise of Rs 1,000 a tola overnight. The tejabi gold costs Rs 75,200 per tola.

Gold price, which is breaking its own record every day, went up for the third time this week between December 29 and January 4.

According to FeNeGoSiDA, gold price was fixed at Rs 73,300 per tola on Sunday and it remained constant on Monday. On Tuesday, price of the yellow metal went up by Rs 200 a tola to be traded at Rs 73,500 a tola and it remained constant till Thursday. However, on Friday gold price rose sharply by Rs 1,000 per tola to close the trading week at Rs 74,500 per tola in the domestic market.

Due to tensions amid middle east after Iran’s top military commander was killed in an airstrike, the gold price soars in global markets.

As per FeNeGoSiDA, the Iran-US conflict led investors to invest in gold, which is considered a safe haven investment, that pushed up the price of gold in the international market and subsequently in the domestic market too. It has to be noted that gold price in the domestic market is set as per its price in the global market. FeNeGoSiDA further mentioned that gold price also rose in the domestic market due to the expensive US dollar.

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