Nepal Bullion Market: Gold Price Hits Record High of NPR 90,600

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.

Also Read: Gold Price History in Nepali Rupees 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.

Also Read: Silver Rate History in Nepal

Gold Prices in Nepal Per Tola

• 15th Feb: NPR 71,8000
• 24th Feb: NPR 80,300
• 11th March: NPR 82,700
• 20th March: NPR 75,000
• 23rd March: NPR 77,000
• 7th June: NPR 87,400
• 22nd June: NPR 90,600

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.