KATHMANDU: The price of gold reached a record high of Rs 149,800 per tola (11.66 grams) on Wednesday, marking an increase of Rs 2,000 per tola compared to the previous trading day. On Tuesday, gold was sold at Rs 147,800 per tola.

According to the Federation of Nepal Gold and Silver Dealers Association, the price of standard gold rose to Rs 149,100 per tola on Wednesday, up from Rs 147,100 per tola on Tuesday.

The price of gold has been rising steadily in the past few months. The federation fixes the price of gold and silver based on the price in the international market.

The recent geopolitical tension due to the Israel’s offensive in Gaza and the Russia-Ukraine war have led to investors to invest in gold considering it as a safe haven in times of turmoil.

Meanwhile, the price of silver increased by Rs 20 per tola on Wednesday to reach Rs 1,895 per tola. On Tuesday, silver was traded at Rs 1,875 per tola.