The price of gold increased by Rs 4,200 per tola on Monday, according to the Nepal Gold and Silver Merchants Federation.
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Gold and silver prices set new records on Monday. Gold and silver prices set new records in the national and international markets. The price of gold increased by Rs 4,200 per tola on Monday, according to the Nepal Gold and Silver Dealers Federation.
The price of gold for Monday is being traded at Rs 282,000 per tola, the federation said. On Sunday, the price of gold was Rs 277,800 per tola. Earlier, last Wednesday, the price of gold had set a record high of Rs 278,000 per tola. The record was broken on Monday.
After US President Donald Trump warned that he would increase customs duties on European countries to control Greenland, investors were attracted to safe-haven gold and silver on Monday. Due to which the price of gold and silver set a new record in the international market.
In the international market, gold rose by 1.6 percent on Monday to $46.66. 65 per ounce. According to Reuters, it had reached $4689.39 per ounce. Last Saturday, Trump had announced that he would gradually increase customs duties on European allies unless the US allowed the purchase of Greenland.
Trump announced on Saturday that he would impose a 10 percent tariff on goods from eight European countries that have supported Greenland, starting February 1. He warned that the tariff could rise to 25 percent. This has further inflamed the dispute over the future of Greenland.
European Union (EU) diplomats have said that ambassadors are preparing to take retaliatory measures if Trump's tariffs are implemented. Geopolitical tensions have given investors another reason to push gold prices to new record highs, Matt Simpson, a senior analyst at StoneX, told Reuters.
Trump's latest tariff threat has attracted investors to gold and silver as U.S. stock futures and the dollar weakened. Silver hit $93.50. Earlier, it had set a record by reaching $94.08.
Gold and silver prices are continuously increasing in Nepal due to geopolitical influences. The price of silver has set a new record in Nepal as well. Silver, which was traded at Rs 5,625 per tola on Sunday, rose by Rs 185 to Rs 5,810 on Monday. Earlier, the price of silver had set a record high of Rs 5,655 last Wednesday.
