The effect of the global inflation has had its toll in the Nepali market as gold price has increased by over Rs 2,000 per tola (11.66 grams) over the last week. The surge in the price of the yellow metal is due to the impact of the Israeli-Palestinian conflict and the strengthening of the exchange rate of the US dollar, it is said.
On Sunday, the first trading day of the week, gold was sold for Rs 96,880 per tola in the Nepali market while it fetched Rs 99,025 per tola on Friday, the last trading day. Investors have shifted to safe investments like gold due to the Israeli-Palestinian conflict and the consolidating of the exchange rate of the US dollar, it has been said. As a result, the gold price has increased.
Due to the conflict, the price of crude oil also fluctuated, and the analysts estimate that the effect may further affect gold price in the days to come.
Similarly, the price of silver has also increased. On Sunday, the price of silver was Rs 1,192 per tola as compared to Rs 1,200 per tola on Friday, the last trading day of the week.
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