Demand for gold is increasing in the global market as investors increase their investments in safe-haven gold following the decline in the dollar.
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The price of gold has increased sharply in the Nepali market. On Thursday alone, the price of gold increased by 20,500 rupees per tola (11.663 grams). According to the Nepal Gold and Silver Merchants Federation, the price of gold on Thursday was fixed at 339,300 rupees.
On Wednesday, gold was traded at Rs 318,800 per tola in the domestic market. Similarly, the price of silver also increased by Rs 205 on Thursday. According to the Federation, the price of silver on Thursday was Rs 7,505. According to international media, today, an ounce of gold is being traded at Rs 5,560 and the same amount of white metal is being traded at US$ 120 in the international market.
For the past few days, the price of gold and the US dollar has been 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, its direct/indirect impact has been on the purchasing power of the general consumer along with the overall economy.
‘Investors’ attraction to the dollar in the world market has decreased due to instability in the US’s domestic politics and trade policy, 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.’
