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Gold and silver prices rose sharply in the local market on Monday, according to the Nepal Gold and Silver Dealers Federation, continuing a trend of fluctuation in precious metal prices.
The price of gold increased by NPR 4,100 per tola, reaching NPR 274,700 per tola on Monday. On Sunday, gold was traded at NPR 270,600 per tola, indicating a notable overnight rise. Traders attributed the increase to ongoing movements in the international bullion market and domestic demand.
Silver prices also registered a significant jump. The price of silver rose by NPR 205 per tola and is now being traded at NPR 5,195 per tola. On Sunday, silver was priced at NPR 4,990 per tola.
Precious metal prices in Nepal typically reflect global market trends. Therefore, precious metal prices face similar global market fluctuations, currency exchange volatility, and seasonal factors. Gold is traditionally considered a safe-haven investment in Nepal, especially during times of economic uncertainty, leading to frequent price volatility.
Several jewelers and traders have claimed that there is an inverse correlation between high precious metal prices and short-term consumer purchases, however, this would not affect the long-term investment market. The Federation said prices may continue to fluctuate depending on global economic signals and market sentiment in the coming days.