Gold Price Surges by Rs 11,900 Per Tola Amid Rate-Hike Hopes Dashed

The price of gold in Nepal's domestic market surged by Rs 11,900 per tola (11.6638 grams) last week.

According to Reuters, this increase was driven by a drop in U.S. nonfarm payrolls for July, which dashed rate-hike hopes and set bullion on course for its best week in seven weeks.

The market price of gold increased to Rs 296,900 from Rs 285,000 per tola when the market closed the previous week.

The largest rise was observed on Thursday with a gain of Rs 8,000. The only day with a marginal loss was Monday, where gold fell by Rs 200.