Following a slight dip of Rs. 400 yesterday, gold prices in Nepal have reached a new high yet again with a sharp increase of Rs. 1500 in just 24 hours. The market price for 24K fine gold in the Nepali market is set at Rs. 168,500 per tola for October 29, 2024 (13 Kartik, 2081)

Let’s dive into today’s gold and silver prices

Gold Price in Nepal Today – October 29, 2024 (13 Kartik 2081)

• 24K Fine Gold Price: Rs. 168,500 per tola

Comparison with the previous day:

• 24K Fine Gold Price Yesterday: Rs. 167,000 per tola
• Price change: A sharp increase of Rs. 1,500 per tola.

Gold Price Hit Another Record High:
Gold price in Nepal has continued to rise, reaching Rs. 168,500 per tola on October 29, marking an all-time high amid recent fluctuations. Over the weekend, the price of fine gold climbed to Rs. 167,400 per tola before dipping slightly by Rs. 400 to Rs. 167,000 on October 28. However, the price quickly rebounded to the current peak.

Silver price has also fluctuated. After dropping to Rs. 2,070 per tola on October 25, it rose to Rs. 2,085 per tola on October 27, followed by a slight dip to Rs. 2,065 on October 28. Today, silver price saw a further increase, reaching Rs. 2,105 per tola.

Silver Price in Nepal Today – 29 October 2024 (13 Kartik 2081)

• Current Silver Price: Rs. 2,105 per tola

Comparison with the previous day:

• Silver Price Yesterday: Rs. 2,065 per tola
• Price change: An increase of Rs. 40 per tola.

Gold Price in Nepal: International Market Price Conversion Errors

In the international market, gold is trading around $2,750 per ounce, which, after currency conversion and customs duty, should push Nepal’s price to Rs. 182,629 per tola. Yet, the local rate is Rs. 168,500—creating a curious Rs. 14,000 “discount.”

However, if we use the per gram price of gold set at around $88.5 and convert it into price per tola (taking currency conversion and customs duty into account), it gets to around Rs. 168,000 per tola, which somewhat reflects the local price of gold.

The reason behind the 14,000 difference lies in a tiny detail with big effects: the “ounce” used for gold. Unlike the standard ounce (28 grams), gold is measured in a heavier “troy ounce” (31.1035 grams). So, when you apply 28 grams instead of 31.1035, suddenly your per-tola cost increases significantly. This explains why there’s a surprising Rs. 14,000 gap when you compare the international market price in terms of ounce with Nepal’s local rate.

Why does this matter? Because in calculations—especially for precious metals—even small differences can add up to thousands. With gold, a few grams here and there mean you could be dealing with entirely different numbers. So, next time you’re calculating, remember that small details, like knowing exactly what type of ounce to use, can be an extremely important lesson.

If you have any questions regarding gold and silver in Nepal, do let us know in the comments below or by sending an email to admin@khatapana.com. And feel free to share this daily gold price update to your friends.