Gold Prices Continues to Go South: Gold and Silver Prices in Nepal for 14 November 2024 (29 Kartik 2081)

Following yesterday’s Rs.400 drop, gold prices have further decreased by a sudden rate of Rs.2,200 in 24 hours. Now, the market price for 24K fine gold sits at Rs.160,000 per tola as of November 14, 2024 (29 Kartik, 2081)! 

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

Gold Price in Nepal Today –November 14, 2024 (29 Kartik 2081)

• 24K Fine Gold Price: Rs. 160,000 per tola

Comparison with the previous day:

• 24K Fine Gold Price Yesterday: Rs.162,200 per tola

• Price change: A decrease of Rs.2,200 per tola in 24 hours.

Gold and Silver Prices Trend Recap:

This downward trend continues from an all-time high of Rs.171,000 per tola observed at the end of October. Over the past two weeks, gold prices have decreased significantly by Rs.11,000 as global market dynamics weigh on precious metal prices.

Silver prices have been  also sliding in step with gold. After peaking at Rs. 2,090 per tola on October 31, silver has steadily declined except for a minor increase yesterday, reaching Rs. 1,905 on November 14. This drop mirrors the general downward trend across precious metals lately.

Silver Price in Nepal Today – November 14, 2024 (29 Kartik 2081)

• Current Silver Price: Rs. 1,905 per tola

Comparison with the previous day:

• Silver Price Yesterday: Rs. 1,940 per tola

• Price change: An increase of Rs. 35  per tola in 24 hours.

Why Are Gold Prices Dropping? 

If you’ve been keeping an eye on gold prices lately, you’ve probably noticed they’ve been dropping steadily after hitting that record high of Rs. 171,000 per tola during Tihar. Sure, it’s easy to think this peak was just because of all the festival gold-buying—but there’s actually a lot more going on behind the scenes affecting these prices in Nepal. Let’s dig into what’s really causing the shifts!

1. Strengthening U.S. Dollar: The recent rise in the value of the U.S. dollar is a significant factor driving the decline in gold prices in the international market. In global trade scenario, many countries view both gold and the U.S. dollar as essential assets for investment. When the U.S. dollar strengthens, it makes the dollar more attractive to international investors, as it is considered a safe haven. As a result, countries are purchasing more U.S. dollars rather than gold, leading to a reduction in demand for gold. This shift in demand causes gold prices to drop, as lower demand pushes prices down. This trend is particularly noticeable after the U.S. elections, where the victory of former President Donald Trump has contributed to a sudden rise in the value of the dollar. With the increasing strength of the US dollars, many countries are prioritizing U.S. dollar investments over gold, which has led to a decline in gold prices globally, including in countries like Nepal.

2. Stabilizing Global Economy and Inflation Trends: Global economic recovery, along with moderating inflation rates in several major economies, has reduced the need for safe-haven investments like gold. When inflation is high, investors tend to purchase gold as a hedge, but with inflation rates showing signs of stabilization, interest in gold as a protective asset has lessened.

3. Decreased Demand in Key Markets: Major markets like China and India, typically large consumers of gold, have shown decreased demand due to fluctuating domestic prices, currency depreciation, and stricter import regulations. A decrease in physical demand in these countries, especially around major festivals, impacts the global demand-supply balance, contributing to price reductions that ripple through markets including Nepal. So, the bottom line is gold has been losing its demand in the international market, and since Nepal imports gold, these international changes affect our prices directly. That’s why we’ve seen such a drop in gold prices here!

In summary, the stronger U.S. dollar is reducing the demand for gold, leading to lower gold prices in the international market, which subsequently impacts the price of gold prices here in local markets like Nepal.

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 [email protected]. And feel free to share this daily gold price update with your friends.