Gold price hits Rs 288,900 per tola ahead of Tihar festival; silver rises to Rs 3,920

KATHMANDU: Gold and silver prices rose sharply in the domestic market today ahead of Tihar festival, according to Federation of Nepal Gold and Silver Dealers' Association (FENEGOSIDA).

Fine gold is trading at Rs 288,900 per tola, up Rs 13,300 from Wednesday's rate of Rs 275,600 per tola. Silver also rose by Rs 265 per tola to Rs 3,920 from Rs 3,655 the day before.

The latest increase pushes fine gold above the previous high of Rs 280,300 per tola recorded on October 30. It is also Rs 16,900 higher than the Rs 272,000 per tola recorded on November 1.

Likewise, silver has moved above Rs 3,825 per tola recorded on October 30, extending its gains after rebounding from recent declines.

In the international market, spot gold is trading at around $4,126.77 per troy ounce, while spot silver is trading at about $52.74 per troy ounce.

FENEGOSIDA sets daily domestic bullion prices based on trends in the international market and movements in the exchange rate.

(One tola is equivalent to 11.66 grams, while one troy ounce is equivalent to 31.1035 grams.)