Nepal UK
KATHMANDU: The upward trend in gold prices has continued in Nepali market, reports said.
According to the Federation of Nepal Gold and Silver Dealers’ Association, the price of gold increased by NPR 1,900 compared to the previous day.
On Monday, gold is being traded at NPR 260,700 per tola. On the previous day, the price of gold stood at NPR 258,800 per tola.
Similarly, the price of silver has also increased by NPR 45 on Monday reaching NPR 3,870 per tola.
Global trends
Gold has seen its biggest rally since the 1970s, rising by around a third since April when US President Donald Trump announced tariffs which have upset global trade.
Gold is seen as a so-called safe haven investment, which is expected to retain or increase its value during times of market turbulence or economic downturns.
Although the current surge in gold prices has been triggered by short-term uncertainty, the overall strength of gold is largely the result of central banks buying it as a strategic move away from US treasuries and over-reliance on the strength of the dollar, BBC News reported.
Some investors put their money into financial products, such as exchange-traded funds (ETFs), which are backed by gold.
A record $64bn has been invested in gold ETFs by mid-October this year, according to the World Gold Council trade association.
In 2022, gold's value plunged from $2,000 to $1,600 an ounce, after the US central bank raised interest rates to curb the inflation triggered by the Covid-19 pandemic, s
