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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, 300 per tola to reach Rs 235, 400 per tola today. It was traded at Rs 233, 100 per tola on Monday.

The price of silver, however, remained constant and is being traded at Rs 2, 960 per tola.

Due to floods and landslides triggered by incessant rains since the night of Oct 3, movement along highways and roads has been difficult. Tourists visiting Nepal have been stranded in several parts of the country. However, as rainfall has now subsided, life is gradually returning to normal, and tourists are also able to reach their destinations, said Deepak Raj Joshi, Chief Executive Officer of the Nepal Tourism Board (NTB).

According to the NTB, most tourists currently in Nepal are trekking in regions such as Manaslu, Annapurna, Sagarmatha, and Langtang, while others are in Pokhara, Chitwan, and Kathmandu. CEO Joshi said there are currently around 21,000 tourists in Nepal, and all are safe. Since the beginning of October, around 3,500 tourists have been arriving daily—similar to last year’s figure. Although the board had expected daily arrivals to exceed 4,000 this season, the prolonged monsoon and reduced travel by GenZ tourists have had some impact.

“The situation for tourists in Nepal is now stable,” Joshi said. “Some tourists were stranded when road and air transport were disrupted due to the October 3 rains, but everyone is now in contact and safe. Road transport has resumed, and all major highways except the BP Highway have reopened.” Domestic flights at Tribhuvan International Airport, which were suspended throughout Saturday, also resumed on Sunday.

Some tourists had been stranded on Saturday, but local hotels, administrations, and communities provided support—offering discounted or even free accommodation. Joshi said this positive response has also helped promote Nepal as a destination that informs, assists, and protects tourists even during difficult situations.

Following the heavy rainfall warnings issued by the Department of Hydrology and Meteorology, the NTB reported no major damage, crediting the safety measures adopted for tourists. The board has been disseminating information through trekking agencies and tourist police offices in major destinations such as Jomsom, Namche, Lukla, Gorkha, and Pokhara. It is also coordinating through social media and hotline numbers to assist tourists. “We have been receiving information through calls from tourists, travel agencies, and tourist police,” Joshi added.

One foreigner and five Nepalis have gone missing due to continuous rains. According to Joshi, a Korean national and his companion, Pemba Sherpa, who had come to Nepal for trekking, went missing while attempting to climb Mera Peak in Taplejung. Search and rescue operations are underway. Similarly, four Nepalis who had gone trekking in Langtang are also missing, and search efforts are ongoing.

September, October, and November are considered the peak months for both domestic and international tourism in Nepal—particularly for trekking and visits to Kathmandu, Pokhara, and Chitwan. However, both domestic and foreign tourists are currently adopting a wait-and-see approach. The board has expressed optimism that the current situation caused by continuous rain, floods, and landslides will be resolved in a few days.

Gold prices in Nepal surged to an all-time high of Rs 233,100 per tola (11.664 grams) on Monday. According to the Federation of Nepal Gold and Silver Dealers Association, the yellow metal was traded at Rs 223,200 per tola when markets closed for the Dashain holiday on September 28. When trading resumed on Sunday, prices jumped by Rs 9,900 per tola to reach Rs 230,600, and rose by another Rs 2,500 per tola on Monday.

With this, gold has become dearer by nearly Rs 10,000 per tola since the market closed for Dashain holiday last week. The recent surge follows weeks of steady appreciation in the bullion market. Gold first breached the Rs 200,000-level on August 29, posting an overnight gain of Rs 1,200 per tola. The price then surged past Rs 210,000 on September 5, when it traded at Rs 210,400 per tola, and again crossed Rs 220,000 on September 23, after a steep rise of Rs 3,900 per tola in a single day. The price of silver also climbed after the long festival holiday. It rose by Rs 150 per tola from Rs 2,810 before Dashain to Rs 2,960 per tola on Monday.

The sharp rise in local gold prices mirrors movements in the global market. Gold prices soared past the $3,900-per-ounce mark for the first time in the international market on Monday, driven by renewed safe-haven demand as investors reacted to a fall in the Japanese yen and mounting uncertainty over a US government shutdown, according to Reuters. “Gold has climbed 49 percent so far this year after a 27 percent rise in 2024, helped by strong central bank buying, increased demand for gold-backed exchange-traded funds, a weaker dollar and growing interest from retail investors seeking a hedge amid rising trade and geopolitical tensions,” Reuters added.

Since Nepal meets all its gold demand through imports, domestic prices are directly influenced by international market fluctuations and exchange rate movements. As the festive season continues with Tihar and Chhath ahead, gold traders expect sustained demand despite high prices. However, buyers are likely to remain cautious as record rates make jewelry purchases significantly more expensive.

Less than a month after the formation of the new government, the private sector has hailed five major initiatives announced by the Ministry of Finance as crucial steps toward fostering greater transparency, economic reform, and business optimism. Presidents of the Federation of Nepalese Chambers of Commerce and Industry, Confederation of Nepalese Industries and Nepal Chamber of Commerce praised the government’s recent moves to push businesses ahead and re-boost private sector morale during a meeting with Finance Minister Rameshore Khanal on Monday.

The five big initiatives of the government are tax relief for reconstruction, initiation of banking facilities to ease financial access to reconstruction and trade activities, and streamlining of insurance procedures. Likewise, abolishing the system of reference values at customs, long desired by the traders, and introducing an online customs database system were hailed as great reforms to make the system transparent and accountable. The new digital platform, according to the Ministry of Finance, will monitor the prices of cleared goods, facilitating analysis and comparison of customs statistics and preventing irregularities.

Finance Minister Khanal indicated that the government was gradually involved in strengthening the morale of the private sector and establishing an environment conducive to business. FNCCI President Chandra Prasad Dhakal, CNI President Birendra Raj Pandey, and NCC President Kamlesh Kumar Agrawal expressed gratitude for the reforms and urged the entrepreneurs to utilize the new database system appropriately. The system, launched by Minister Khanal on Sept 25, is going to refresh its reference catalog every six months and clear the grievances of traders through regular updates.

Private sector representatives also presented strong criticisms against acts of vandalism, looting, and arson in recent times in the youth-led GenZ movement, which allegedly were directed toward the business community. They added that infiltration in the movement had led to targeting of private companies, highly discouraging an industry that has a contribution of 81 percent to Nepal’s economy and 86 percent to national employment. They called on the government to act swiftly and prosecute the perpetrators in the courts, warning that doing nothing would further discourage businesspeople.

Minister Khanal assured the delegation that the government was firm in defending the private sector and respecting the rule of law. The entrepreneurs, once again espousing their policy of “zero tolerance toward corruption,” invited the government to create space for entrepreneurs to operate freely and responsibly. They also noted that even if holding elections is critical for the government in the short run, it cannot afford to let go of the opportunity to establish pillars for sustainable economic reforms.

Moreover, the private sector leaders suggested calling for a multilateral finance conference to be led by them in order to draw in investment and instill confidence among all actors. They also confirmed willingness to collaborate with the government on the conduct of timely elections, averring that democracy and an open market system can only thrive through regular electoral processes.