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Gold price in Nepal per Tola fluctuates every day. It depends upon multiple factors in the Nepali market. Gold price varies in countries. It depends upon the tax rate, dollar rate, and other factors.
It is better to know the Gold Rate in Nepal today. In reading this article, you will be updated with the Nepal gold rate today. The gold price in Nepal is fluctuating and changing day by day. Not only in the Nepali gold Market, but also in the international market Gold rate is rapidly changing day by day.
These days Dollar Rate is crossing the limits of Nepalese rupee 117 for a single dollar. The gold rate is also increasing rapidly. The gold rate was 50 thousand per Tola a month before.
These days, Gold price in Nepal is 62 thousand per Tola.
Gold is a very important component of human lives on earth today. Gold not only has the metallic value but also has been used for medicinal purposes. Today, gold is used from medicines to luxury. When we talk about gold, it not just about the metallic value it has but also it has an important role to play in currency management throughout the world. Gold has played an important role in backing up the currency worldwide for long but this day. The most common forms of usage of gold in our society is the jewelry.
Gold is inert, so its salt is used for various medicinal purposes also. It is used for the treatment of arthritis; gold-based injections heal and minimize the pain and swelling of rheumatoid arthritis and tuberculosis. Gold salt is also important in dentistry helping for restorations. Another very important use of the gold is for electroplating of gold onto base metals. The gold price fluctuates almost every other day since different factors have an effect on gold prices. I have listed the gold price today in the market.
Factors affecting the gold price in Nepal
There are numerous factors that affect gold prices in Nepal. The exchange rate of the dollar which is also called the Forex rate can make gold price unstable.
There are lots of factors that affects the gold price in Nepal. We have listed out the most important factors that affect the price of gold rate in Nepal.
- With an increase in dollar rate, Gold Rate decreases.
- The gold rate also depends on demand. When the demand for gold increases, the gold rate increases.
That is why the increase in demand during festival season in Nepal increases the price of gold increases.
US dollar rate
The United States dollar rate has dominated the gold price all around the world. Nepal depends upon the dollar rate based on INR. As the dollar rate increases, Nepal needs to spend more Nepalese rupees. So, the price of gold in Nepali rupees increases with an increase in the US dollar rate.
Sometimes, there exists an inverse relationship between the US dollar and gold price. As the currency gets stronger gold price decreases and as the US dollar price goes down gold price rises up. The price of anything depends highly on its supply-demand ratio. Higher the demand higher will be the price and lower the demand lower will be the price. When it comes to supply lower the supply higher will be the price and higher the supply lower will be the price. The charge of gold is impacted by production charges, money supply and so on. Interest rates also have a huge impact on the gold prices.
The limitation in import rises the price of gold. The gold price in Nepal increased by Nrs 900 in a single day on October 3, 2020 (Source: The Himalayan Times). September was a month of Festivals in Nepal with Dashain and Tihar. There was a quota on which jewelry business can import. So, this severely gave rise in the gold price in Nepal.
The demand is most important role that affects the increasing price of gold in Nepal. During the season of marriage, especially in the month of Mangsir and Falgun, the gold price increases in Nepal. It is because the demand for gold increases and the supply remains the same.
Gold production plays an important role in determining the price of gold. The decrease in the mining of gold significantly can not meet the demand for gold at an international level. This gives rise to the price of gold not only in Nepal but also at the international level.
Supply and demand
If the demand for gold in Nepal is high and the supply of gold is less, the price automatically rises. The examples mentioned above also show the increasing demand with constant supply giving a severe rise in Nepal gold price.
How to calculate the gold price in Nepal
We usually buy gold in Nepal in Tola. One Tola of gold equals to 11.33980925 grams. So, the price of one Tola of gold is higher than 10 grams of gold as the quantity is higher.
1 Tola is equal to 11.33980925 grams
1 Ounce is equal to 0.41142887831204 Tola
An Ounce is equal to 28.3495 gms
Hence, the most used unit to buy or sell gold in Nepal is Tola.
Determining the price of gold
This example shows how the price of gold is determined. In this paragraph, we calculate the price of gold in Nepal.
Let us consider, today’s gold price per ounce is Nrs 125,700 for 24 Carat.
Then today’s gold price per gram is Nrs 4041.80 (Nrs 125,700/31.1).
Price of 10-gram gold is Nrs 4041.80*10= Nrs 40418
24 Carat is pure gold. But, we usually use 22 Carat for making ornaments. So, we add different metals to make the compound stronger. So, calculation and price can vary.
Nepal Gold price today
Federation of Nepal Gold and Silver Dealers Association provides daily updates of gold prices in Nepal. You can check the Nepal gold price today by going to the official website of the Federation of Nepal Gold and Silver Dealers Association.
At first, go to www.fenegosida.org. You will see the screen as shown in the image.
On the homepage, you will see the daily gold price in Nepal. So, the official website mentioned on this page gives the official gold rate of Nepal. You will find the price of gold in Nepal in both Tola and grams.
The Nepali gold price shown in the image above is of a fifth of Kartik. The fine gold price per Tola in Nepal is Nrs 60000. The Tejabi gold price per Tola in Nepal is 59700. The silver price per Tola in Nepal is Nrs 745. So, This is the only best way with which you can check the current gold price in Nepal per Tola of today.
Importance of Gold in Nepal
Gold is not merely jewelry in Nepali society. It has its role in currency management of the nation and most importantly it has great value in the lives of Nepali women. Buying gold is considered a symbol of prosperity. Our tradition also has an important role to play here. None of our auspicious occasion complete without the use of gold.
It has great religious significance and great ornamental value. This may be the reason why our marriages are filled with gold jewelry. Since gold is considered the purest element. It acts as a symbol of purity. We can’t ignore the fact that gold is highly liquid and portable as a security or an asset.
It can be considered an investment as well. Because of all these reasons, the level of demand for gold in Nepal is huge and the gold market is in itself a very big business in Nepal. This a huge market and the demand for gold never seems to be decreasing.