The price of gold is setting new records every day. The ups and downs in the international market have directly affected the local market. In the past week, the price of gold per ounce in the international market has increased by 345 US dollars. In the Nepali market, the price has increased by 20,000 rupees per tola.

When the Nepal Gold and Silver Merchants Federation set the price of gold on October 25, it was trading at $4,018 per ounce in the international market. The federation set a price of Rs. 238,000 per tola in Nepal. When the price was set on Friday in the local market, it was trading at $4,360 per ounce in the international market. Here, Rs. 258,000 per tola was set. Friday's price is the highest ever.

'The price of gold is setting new records every day. It has been said that it will reach $5,000 per ounce in the international market by December 2026, which has created more uncertainty,' said jewelry expert Tej Ratna Shakya, 'If it reaches $5,000 per ounce, it can reach Rs. 300,000 per tola in the Nepali market.'

According to the federation's data, the price of gold has increased by Rs. 42,000 per tola in a month. The price has increased by $678 per ounce in the international market. When the federation fixed the price on October 1, it was traded at $3,682 per ounce in the international market. On October 1, it was fixed at Rs 216,100 per tola here. After that, it continued to increase and crossed the $2.5 million per tola mark on October 30. On Friday, the price again set a new record, increasing by Rs 7,100 per tola to Rs 258,000.

Federation President Arjun Rasaili also said that the price hike in the international market has created confusion in the local market. He said that the market price is projected to reach Rs 265,000 per tola. Businessmen say that the rapid price hike will affect the business of Tihar (mainly Dhanteras). During Lakshmi Puja, mainly gold and silver ornaments are worshipped. The general public buys gold and silver ornaments, idols, coins, etc. according to their ability. However, they say that despite the increase in the number of people looking for gold in bulk due to the huge increase in prices, the sale of ornaments has decreased. ‘Despite the increase in demand for gold bars, they cannot be sold according to the law, but there is no demand for jewelry,’ Shakya said, ‘Despite the sale of beruwa rings and coins, the abnormal increase in prices does not seem to be doing business as expected during Dhanteras.’

The price of gold increased due to these reasons

According to traders, there are various reasons for the increase in the price of gold. Investors are attracted to gold for safe investment as the global economy is unstable. US President Donald Trump’s increase in customs duties in various countries also had an impact. Another reason is the policy of the US central bank (Federal Reserve Bank). ‘The bank has reduced the interest rate to 4 to 4.25. Apart from the US, central banks in Canada, the UK, the European Union, Australia, Mexico, and Russia have also reduced interest rates,’ Shakya said, ‘Investors invested in gold for high returns due to falling interest rates.’

Apart from these, another reason is geopolitical. The ongoing wars between different countries have prevented investors from making safe investments. Investors have not been able to trust any country's currency. This is also the reason why investment in gold is increasing. Demand is increasing. Shakya says that this has helped increase the price.

'The powerful countries of the world have also invested in gold instead of increasing their dollar reserves, they have increased their gold reserves, which is also why the price has increased,' Shakya said. 'Although there were signs of a decline in the price of gold on Thursday, the price increased when the US market opened at night. The reason is rumors of an economic recession in New York. That is why the price increased again.'