According to the Federation of Nepal Gold and Silver Dealers, gold prices increased by Rs 4,100 per tola in a single day, reaching Rs 274,700 per tola on Monday.
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Gold and silver traded at their highest ever prices on Monday. According to the Federation of Nepal Gold and Silver Dealers, gold rose by Rs 4,100 per tola in a single day to Rs 274,700 per tola on Monday.
On Sunday, gold was traded at Rs 270,600 per tola. Silver was traded at Rs 5,195 per tola on Monday. On Sunday, the price of silver was Rs 4,990 per tola.
Gold prices have also reached an all-time high in the international market. It crossed $4,600 per ounce in the international market on Monday. The price of gold and silver has increased as investors are attracted to safe investments after the news of a criminal investigation into US Central Bank (Federal Reserve) Chairman Jerome Powell, along with increasing international geopolitical uncertainty, news agency Reuters reported.
Tim Waters, chief market analyst at KCM Trade, told Reuters that gold prices are expected to increase further.
‘The developments in Iran, the criminal investigation into the chairman of the US Federal Reserve have led to a decline in US stock markets (futures), which has given gold a green signal to go higher,’ he told Reuters.
According to the federation, investors seeking a safe haven due to economic and geopolitical instability, inflation and low interest rates have been attracted to gold. Analysts say that the combination of central banks diversifying their investments has led to fluctuations in gold prices.
US investment bank Goldman Sachs on Sunday also postponed its forecast for a Fed interest rate cut. Goldman Sachs expects a rate cut of 25 basis points twice in June and September, compared to the forecast in March and June.
Gold and silver prices have been setting records in the face of low interest rates and unstable geopolitical conditions. Gold worth 15.72 billion rupees has been imported in the first five months of this fiscal year. According to the customs department, 1.57 billion rupees have been collected from these imports.
In the same period of the last fiscal year, only Rs 2.42 billion worth of gold was imported. According to the department, Rs 347.9 million in revenue was generated from the gold imports. During the entire period of the last fiscal year, Rs 17.12 billion worth of gold was imported.
