Gold price rockets to record Rs 76,000 per tola
KATHMANDU, Jan 6: The price of gold has rocketed in the Nepali market as it was traded at Rs 76,000 per tola on Monday.
The price of Tejabi gold has been fixed at Rs 75,700 per tola while silver is being traded at Rs 920 per tola, according to Federation of Nepal Gold and Silver Dealers’ Association.
A day ago, the price was fixed at Rs 75,000 per tola.
The overnight hike (of Rs 1,000 in Nepali domestic market) is due to the escalating tensions between the United States and Iran triggered after Iran’s top military officer, Qassem Soleimani, was killed in a US Strike on Thursday.
International reports suggest that the safe-haven asset rocketed in the wake of rising geopolitical tension as unexpected volatility often drives investors away from the stock market and into hedge assets.
Gold serves as a traditional safe-haven asset for traders looking to flee unpredictable markets. The precious metal’s allure, scarcity, and historic value solidify its status as a popular hedge bet.
The price of gold has been continuously soaring in the market since last July following the US Federal Reserve’s cut in interest and the intensifying US-China trade war–as a result, the price in the domestic market had surged up to Rs 73, 500 per tola in late August.