Gold Price Soars by Rs 11,900 as Silver Rises Amid Global Market Shift
The price of gold in Nepal has jumped significantly over the past week, with an increase of Rs 11,900 per tola (11.6638 grams). According to the Federation of Nepal Gold and Silver Dealers' Association (FENEGOSIDA), the market price of gold rose from Rs 285,000 to Rs 296,900 per tola when the market closed the previous week.
The largest single-day increase was recorded on Thursday, with a surge of Rs 8,000. The only day that saw a marginal loss was Monday, with a decrease of Rs 200. The price of silver also increased by Rs 220 last week, rising from Rs 4,360 to Rs 4,580 per tola.
The global market has been influenced by the unexpected drop in U.S. nonfarm payrolls for July, which dashed rate-hike hopes and sent bullion prices soaring. This has resulted in gold experiencing its best week in seven weeks, according to a Reuters report.