According to the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA), the gold price has reached a ‘record high of NPR 90,600 per tola‘ on June 21, 2020.
The price has increased by NPR 700 per tola in two days from NPR 89,900 on June 19, 2020.
The Nepali bullion market has been witnessing a steady increase in the gold price since the relaxation of the nationwide lockdown.
After remaining shut for almost three months due to lockdown, the Nepali bullion market resumed operations with an increased value of NPR 10,400 per tola. Before this, gold was being traded for NPR 77,000 per tola in March. After the market resumption on June 7, the FENEGOSIDA had fixed the gold price at NPR 87,400 per tola.
The gold traders exclaim that the gold price will increase further as the coronavirus pandemic continues to disrupt the global economy.
The ongoing uncertainty has incited bulk investors to invest in the gold market, which, in turn, has led to a rise in the gold price.
“The flow of sellers is more in comparison to buyers. It has put pressure on the dealers,” said Dharma Sundar Bajracharya, General Secretary at FENEGOSIDA.
Prior to lockdown, an average of 20 kilograms of gold was being traded daily in Nepal. However, the trade has come down to almost zero after the market resumption.
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