Precious metal prices rise sharply; gold reaches Rs 296,800 per tola

KATHMANDU: Precious metals prices surged on Wednesday, with gold rising to Rs 296,800 per tola and silver to Rs 5,055 per tola, reversing a brief decline earlier in the week.

Federation of Nepal Gold and Silver Dealers Association (FENEGOSIDA) said gold gained Rs 5,800 per tola in a single day to reach Rs 296,800, while silver rose by Rs 175 to Rs 5,055 per tola.

The rebound followed a dip on Tuesday, when gold traded at Rs 291,000 per tola and silver at Rs 4,880 per tola. On Monday, the market opened stronger, with gold at Rs 294,800 per tola and silver at Rs 5,030 per tola, underscoring marked volatility in bullion trading over the past three days.

Analysts said the local increases mirrored movements in international commodity markets. In the global spot market on Wednesday, gold was trading between $4,574 and $4,636 per ounce, while silver was around $75.80 per ounce.

Market observers pointed to easing geopolitical tensions in some regions and continued demand for safe-haven assets as factors supporting higher global prices and pushing up rates in Nepal.