“The Nepalese gold market experiences an unprecedented surge as prices hit an all-time high on November 29, 2023. The Federation of Nepal Gold and Silver Dealers’ Association reports a remarkable single-day gain of Rs. 1600, driving fine gold to an extraordinary rate of Rs. 119,300 per tola. Just a day earlier, on November 28, 2023, fine gold had already reached a record high of Rs. 1,17,700 per tola. Tejabi gold, another sought-after variant, has also experienced a substantial increase, currently trading at Rs. 118,750 per tola, up from its previous rate of Rs. 1,17,150.
The surge in gold prices commenced on November 27, 2023, with both fine gold and tejabi gold reaching unprecedented highs at Rs. 1,17,700 and Rs. 1,17,150 per tola, respectively. In contrast to the gold rally, the price of silver has also seen a notable uptick, gaining Rs. 20 to trade at Rs. 1,520 per tola.
This surge in gold prices in the Nepalese market is reflective of the global trend, with the current global price of gold standing at USD $2,045.60 per ounce. Simultaneously, silver is being exchanged at $24.98 per ounce on the global stage.”