Gold Prices Soar by Rs 3,400 in Nepal Amid Softening Dollar

The price of gold in Nepal's domestic market has seen a significant increase over the past week. According to the Federation of Nepal Gold and Silver Dealers' Association (FENEGOSIDA), the gold price rose by Rs 3,400 per tola (11.6638 grams) between July 18 and July 25.

The price surge was driven by a softer US dollar and technical buying, as markets weighed lingering Middle East tensions and awaited fresh interest rate cues from the US Federal Reserve last week, as reported by Reuters.

The market price of gold increased to Rs 285,500 per tola when the market closed on July 25, up from Rs 282,100 per tola in the previous week. The largest increase was seen on Wednesday, with a gain of Rs 5,400 per tola, while the price declined by Rs 5,800 on Friday.

The price of silver also increased last week, rising by Rs 150 to reach Rs 4,350 per tola from Rs 4,200 per tola.