Gold price in Nepal per Tola fluctuates everyday. It depends upon multiple factors in Nepali market. Gold price varies in countries. It depends upon the tax rate, dollar rate and other factors.
Gold is a very important component of the human lives on the earth today. Gold not only has the metallic value but also has been used for medicinal purpose. 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 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 these day. The most common forms of usage of gold in our society is the jewelry.
Gold is an 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. Other very important use of the gold is for electroplating of gold onto base metals. Gold price fluctuate almost every other day since different factors have effect on gold price. I have listed the gold price today in the market.
Factors affecting gold price in Nepal
There are numerous factors that affects gold price in Nepal. The exchange rate of dollar which is also called Forex rate can make gold price unstable.
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 dollar rate increases, Nepal needs to spend more Nepalese rupees. So, the price of gold in Nepali rupees increases with increase in US dollar rate.
Sometimes, there exists a inverse relation between 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 huge impact on gold price .
The limitation in import rises the price of the gold. The gold price in Nepal increased by Nrs 900 in a single day on October 3 2017 (Source: The Himalayan Times). September was a month of Festivals in Nepal with Dashain and Tihar. There was a quota on which jewellery business can import. So, this severely gave rise in 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 of gold increases and the supply remains the same.
The gold production plays important role in determining the price of gold. The decrease in mining of gold significantly can not meet the demand of gold in international level. This gives rise to the price of gold not only in Nepal but also in international level.
Supply and demand
If the demand of gold in Nepal is high and the supply of gold is less, the price automatically rises. The examples mentioned above also shows 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 metal to make the compound stronger. So, the calculation and price can vary.
Nepal Gold price today
Federation of Nepal Gold and Silver Dealers Association provides daily update of gold price in Nepal. You can check the Nepal gold price today by going to the official website of 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 in this page gives the official gold rate of Nepal. You will find price of gold in Nepal in both Tola and grams.
The Nepali gold price shown in image above is of 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 one best way with which you can check current gold price in Nepal per Tola of today.
Importance of Gold in Nepal
Gold is not merely a jewellery in Nepali society. It has its role in currency management of nation and most importantly it has great value in lives of Nepali women. Buying gold is considered a symbol of prosperity. Our tradition also have 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 jewellerys. Since gold is considered the purest element. It acts as 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 investment as well. Because of all these reasons, the level of demand of gold in Nepal is huge and gold market is in itself a very big business in Nepal. This a huge market and the demand of gold never seems to be decreasing.