There has been a rising trend in the domestic gold prices in Nepal over the past few years.
According to the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA), the gold price has reached an all-time high of NPR 80,300 per tola in the domestic market on February 24, 2020.
The gold price has registered an increase by NPR 1,500 in a single day from NPR 78,800 per tola.
The outbreak of coronavirus in China is the main cause for the hike in the gold price, stated Dharma Sundar Bajracharya, General Secretary of the FENEGOSIDA.
He said that the coronavirus epidemic has instigated the Americans and Europeans to invest in gold which has spiked the gold price.
The gold price has been increasing steadily since February 18, 2020 except on February 22 as the market was closed on Saturday.
|Date||Gold Price (per tola)|
|December 2017||NPR 56,200|
|December 2018||NPR 60,600|
|December 2019||NPR 73,600|
|January 2020||NPR 76,500|
|February 19, 2020||NPR 77,100|
|February 20, 2020||NPR 77,600|
|February 21, 2020||NPR 78,100|
|February 23, 2020||NPR 78,800|
|February 25, 2020||NPR 80,300|
According to the FENEGOSIDA, the gold was traded at NPR 10,000 per tola in 2061 BS and the price has increased by NPR 70,000 per tola in the past 15 years.