Gold has become more expensive, again estimated at Rs 1 million per tola

KATHMANDU: SUNDAY, MAY 16, 2021 – Gold price has started rising again in the Nepali market. According to the Federation of Nepali Gold and Silver Entrepreneurs, the price of Chhapawal gold in circulation in the Nepali market was Rs 92,500 per tola on Sunday. This price is the highest in the last 4 months.

It was traded at Rs. 93,100 in 2077 Magh 8 four months ago. It had come down to 92,900 on Magh 9. After that, the rising price of gold had traded at Rs 92,600 on Magh 20. Since then, the price of gold has been falling steadily. It had come down to Rs 85,600 per tola by Falgun 25.

And, before that, compared to the price on Shrawan 23, 2077, the price of gold still seems to be Rs 11,000 cheaper. On 23 Shrawan 2077, the Nepali market had a record high price of Rs. 13,500. Since then it had been gradually declining.

It is not possible to say that the price of gold, which has been rising since the last week of Baisakh, will not reach last year’s point. Because now the price of gold is rising even in the international market.

In the international market, the price of gold reached USD 1,843.90 per ounce on Sunday. The price of gold in the international market was 1,713 US dollars only two weeks ago. It has risen by 30 dollar in just two weeks. The price is expected to rise to more than dollar 2,000 an tola in the next month or two.

International investors have been attracted to invest in gold due to the Corona pandemic, job cuts in the United States and low job creation rates, and the weakening of the Nepalese currency against the dollar.

If the price of gold rises at the same rate, gold and silver traders have projected that the price of gold will exceed Rs. 1 million.