Gold price hits record high in Nepal tracking global trend

Gold held near a 19-month high in the international market following a ban on Russian oil imports.

NL Today

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Kathmandu: Gold price increased by Rs 2,500 per tola in the domestic market on Wednesday to record an all-time high of Rs 105,500. The price of the yellow metal broke an earlier record high of Rs 103,500 per tola recorded on August 7, 2020.

According to the Federation of Nepal Gold and Silver Dealers’ Association, tejabi gold is being traded at Rs 105,000 today. Likewise, the silver price also increased by Rs 40 per tola and reached 1,450.

International media reports said gold held near a 19-month high following a ban on Russian oil imports, as mounting concerns over inflation and economic growth boost demand for the haven asset.

Bullion has gained 12 percent this year and is closing in on a record as investors seek a store of value amid the threat of an inflationary shock to the global economy. Holdings in gold-backed exchange-traded funds have climbed to the highest since March 2021, with inflows of about 130 tons this year, according to initial data compiled by Bloomberg.

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