Sharp rise in gold price in domestic market
The price of gold climbed sharply in the domestic market today compared to Tuesday.
According to the Federation of Nepal Gold and Silver Dealers’ Association, the price of gold reached Rs 295,100 per tola (11.66 grams) today, while that of silver is set at Rs 5,920 per tola.
On Tuesday, gold was traded at Rs 284,700 per tola, while the price of silver stood at Rs 5,880 per tola. Recently, both gold and silver prices have continued to surge significantly.
In the international market, gold is priced at USD 4,740 per ounce today, while silver is trading at USD 95 per ounce, international media reported.
According to economic analysts, rising uncertainty in the global economy, inflation, and geopolitical tensions have contributed to the increase in gold and silver prices, as they are considered safe investment assets.
Nepse surges by 42. 26 points on Tuesday
The Nepal Stock Exchange (NEPSE) gained 42. 26 points to close at 2, 714. 81 points on Tuesday.
Similarly, the sensitive index surged by 7. 82 points to close at 467. 25 points.
A total of 25,185,647-unit shares of 339 companies were traded for Rs 1. 55 billion.
Meanwhile, Gurkhas Finance Ltd. (GUFL) was the top gainer today, with its price surging by 10. 00 percent.
Likewise, 10.75% SBL Debenture 2089 (SBLD89) was the top loser as its price fell by 4. 23 percent.
At the end of the day, total market capitalization stood at Rs 4. 55 trillion.
Gold price hits new record at Rs 284, 700 per tola
The price of gold reached an all-time high in the domestic market on Tuesday, setting a new historical record.
According to the Federation of Nepal Gold and Silver Traders, the price of gold has increased by Rs 2, 700 per tola to reach Rs 284, 700 per tola today. It was traded at Rs 282, 000 per tola on Monday.
Similarly, the price of silver has increased by Rs 70 and is being traded at Rs 5, 880 per tola.
Paddy production projected to fall by 4.20 percent this year
Rice production is projected to decline by 4.20 percent this year compared to last year, according to the Ministry of Agriculture and Livestock Development.
The Ministry stated that paddy production is likely to decrease by 250,350 metric tons this year.
According to the Ministry’s Information Officer, Mahananda Joshi, the estimated rice production this year stands at 5,705,126 metric tons, down from 5,955,476 metric tons last year, representing a decline of 4.20 percent.
Last year, paddy cultivation covered 1,420,636 hectares of land, which has decreased by 3.8 percent this year to 1,376,872 hectares.
Factors such as youth migration, a shift toward fruit farming and cash crops, movement of people to urban areas, land industrialization, and the construction of physical infrastructure have contributed to the reduction in paddy cultivation.
In addition, drought during the paddy planting season, particularly in Madhes Province, led to a decrease in the area. Joshi added that despite the availability of hybrid seeds and fertilizers, adverse weather conditions negatively affected the planting season.
