The price of gold and the US dollar is rising every day in the Nepali market. As the market price/exchange rate of gold and the US dollar continues to set new records every day, it has had a direct/indirect impact on the purchasing power of the common consumer as well as on the overall economy.

The skyrocketing price of gold has created a stir in the domestic market. As the Nepalese currency continues to weaken against the US dollar, it is creating waves not only among importers but also among the common people. Why is the price of gold increasing? To what height will the price reach? When will the exchange rate between the Nepali rupee and the dollar stabilize? We have tried to find answers to questions such as:

The price of gold in the domestic market on Monday stood at Rs 309,000 per tola. This is the highest ever. The price of gold on Monday increased by Rs 5,200 per tola compared to Sunday. On Sunday, gold was traded at Rs 303,800 per tola.

Along with gold, the price of silver has also increased by Rs 285 per tola. The price of silver, which was traded at Rs 6,480 on Sunday, reached Rs 6,765 on Monday. The price of gold has also set a historical record in the international market. For the first time, the price of gold has crossed $5,000 per ounce. International media outlets have reported that the price of gold has increased by 60 percent compared to 2025. 

The price of gold in the Nepali market has continued to rise due to two reasons: the increase in the price of gold in the world market and the weakening of the exchange rate of the Nepali currency against the US dollar, said Krishna Bahadur Manandhar, former acting governor of Nepal Rastra Bank.

‘Investors’ attraction to the dollar in the world market has decreased due to instability in the domestic politics and trade policy of the US, changing customs duties (tariffs) with various countries, protectionist policies and tensions in international relations. This has weakened the dollar,’ he said. ‘As the attraction to the dollar has decreased, investors have increased their investment in safe-haven gold, which is considered safe, and the demand for gold in the world market has increased.’

In recent months, the Indian currency (IDR) has been continuously weakening against the US dollar. As the IDR is weakening, the Nepali currency, which has a fixed exchange rate, has been continuously weakening. Manandhar explained that the price of gold in the Nepali market has set new records every day due to two reasons: the increase in the price of gold in the world market and the weakening of the Indian currency, which has also caused the exchange rate of the dollar to skyrocket. 

‘A trade agreement between India and the US has not been reached. The reputation (return) of the Indian stock market is not that good compared to other stock markets in the world. That is why foreign investors are selling shares in a hurry and withdrawing their investments in dollars,’ he said, ‘With such a large result, the Indian

currency has continued to weaken. This has also had a direct impact on the Nepali

.’ Manandhar explained that gold has become more expensive in the Nepali market because the price has increased in the world market and the Nepali currency has also weakened against the dollar due to the rupee. 

Trading Economics.com has reported that the US dollar has continued to weaken in the world market in the last one month and the price of gold has continued to rise. According to which the price of gold, which was $4,448 per ounce on January 16, 2026, has reached $5,077 on Monday evening (Nepali time) on January 26, 2026.

The reason for the continuous rise in the price of gold is also the decline in the dollar. According to which, if we look at the data of the last one month, the dollar index in the world market has been continuously declining in the last ten days. The dollar index, which was 99.37 on January 19, 2026, has fallen to 97 by Monday evening (Nepali time) on January 26, 2026. This also confirms the decrease in investor attraction to the dollar in the world market and the increase in gold.

According to Trading Economics.com, the Indian rupee has been continuously weakening against the US dollar in the last 10 days. According to which the exchange rate of one US dollar was Rs 89 on January 14, 2026, it has reached Rs 91.70 by Monday evening, January 26, 2026. In this way, while the Indian rupee is weakening against the dollar, the Nehru, which has a fixed exchange rate with it, has also weakened.

Experts say that the price of gold in the Nepali market is increasing due to the weakening of the Nepali rupee against the dollar, making gold imports more expensive. Along with gold, the price of silver has also reached $100 per ounce in the global market. This is an increase of 150 percent compared to last year, according to international media. 

According to TradingEconomics.com, in recent weeks, foreign investors have been selling shares from the Indian market and withdrawing their investments. The Securities and Exchange Board of India (SEBI) has stated that foreign investors are selling shares with great results when the growth rate of the Indian economy is expected to remain high. 

The price of gold in the domestic market has continued to soar as the price of gold has increased in the global market, said Tej Ratna Shakya, former president of the Nepal Gold and Silver Merchants Federation. ‘The price of gold is increasing in the global market. Only on Sunday, US President Donald Trump announced that the US will impose 100 percent customs duty if Canada signs a trade agreement with China,’ he said. ‘After this announcement, the price of gold in the international market has increased further. This has also affected the Nepali market.'

According to Shakya, as the demand for gold jewelry is zero, businessmen have not purchased gold from banks. 'Since the demand for jewelry is zero in the market, businessmen have not purchased gold from banks based on recommendations,' he said. 

Artificial shortage of silver in the Nepali market 

There is a shortage of silver in the Nepali market. While the demand for silver has been increasing in the market for a few days, businessmen have not sold silver, saying that their stock has run out. Shakya, former president of the Federation of Gold and Silver Dealers, said that the banks have not sold silver and they have not been able to sell silver as per demand because their stock has run out. 'There is a shortage of silver in the market. Because the banks have not sold silver,' Shakya said, 'There is a shortage of silver in the market because the banks have not sold it.'

But the source said that the businessmen themselves are creating an artificial shortage of silver in the market. Now the businessmen themselves do not want to sell silver. Its artificial shortage has been created. 

There is also no truth in the businessman's claim that banks are short of silver. Because silver businessmen themselves can import it. Therefore, experts say that the bank cannot be accused of not providing it. Only commercial banks can import gold in Nepal. Currently, banks have 130 kg of gold in stock. Bankers Association President Santosh Koirala said that gold has not been sold as there has been no demand from businessmen. 'Banks have sufficient gold reserves,' Koirala said, 'Since gold has not been sold, banks have not even imported quota gold.' 

Informal trade increases 

The price of gold and silver has been continuously increasing in the market for the past few months. The price of gold has reached 309,000 per tola. Similarly, the price of silver has exceeded 6,700 per tola. The price of gold and silver is expected to increase even more. In such a situation, many customers have not been able to buy gold due to its high cost. This is why many customers have been attracted to silver, businessmen say.

‘Businessmen need a recommendation from the businessmen’s association/federation to buy gold and silver from banks. All transactions made in this way are recorded. Gold and silver jewelry purchased in this way also have to be sold at the purchase rate. When businessmen trade at that rate, the market price becomes very expensive,’ said a businessman, ‘That is why informal trading is currently taking place in the market. That is why the bank’s gold has not been sold.’

Similarly, the price of gold has increased due to the tension between the US and NATO over Greenland and global financial and geopolitical uncertainty. The market is worried about US President Donald Trump’s trade policy. On Saturday, Trump warned that he would increase customs duties by 100 percent if Canada signs a trade agreement with China. 

As the US dollar weakens, major countries and central banks are increasing their investment in gold and silver. Countries including China, Poland, Brazil, and India are in the process of increasing their gold reserves. China seems to be considering gold as a major part of its foreign reserves.

Due to the economic instability in the world market, exchange rate risk, and safe haven during foreign pressure, those countries are increasing their gold reserves. Experts say that this is having a major impact on the international market.

Nehru continues to weaken 

Nepal Rastra Bank has set the exchange rate of one US dollar at 147.41 rupees (selling rate) for Tuesday. This is the highest ever. In recent weeks, the Nepali rupee has been continuously weakening against the US dollar.

In the same vein, the dollar exchange rate has been continuously setting new records. However, last Saturday, the exchange rate of one US dollar was 147.41 rupees. A week ago, such an exchange rate was 146.81 rupees. The monthly report of the Rastra Bank shows that the Nepali rupee has depreciated (weakened) by 5.1 percent against the US dollar as of last Mangsir compared to Asad 2082. The Nepali rupee had depreciated by 1.5 percent during the same period last year. In Mangsir 2082, the buying exchange rate of one US dollar had reached 144.37 rupees. In mid-July 2082, the exchange rate was Rs 137.