The gold and silver market in Nepal heated up this Dhanteras, as people rushed to buy precious metals despite record-high prices.
According to the Federation of Nepal Gold and Silver Dealers’ Association, around 80 kilos of gold and 1,500 kilos of silver were sold across the country in just one day. Based on that day’s market rates, the total sales reached nearly Rs Rs 2 arba 20 crore with gold alone accounting for over Rs 1 arba 73 crore. The figures show how strongly Nepalis are still drawn to gold and silver during festivals.
Record high prices, still high demand
Association president Arjun Rasaili said that gold prices reached a record Rs 2,53,500 per tola on Dhanteras. “It’s impressive that around 70–80 kilos of gold were sold even at such high prices,” he said.
Though the quantity sold was slightly less than last year, the overall sales value was high because of the price hike. Silver was priced at Rs 3,280 per tola, but buyers had to pay more after adding making charges and other fees.
Significant of buying gold in Dhanteras
Buying gold and silver on Dhanteras is believed to bring prosperity and good fortune.
Senior vice president Diyashratna Shakya said that people showed strong interest in jewelry, coins, bars, and rings this year. “Many preferred coins and bars over jewelry, expecting prices to rise further,” he explained.
Silver sales also increased compared to last year, as silver bars are easier to buy and sell.
Market demand and supply
The global rise in gold prices affected Nepal too. Although Nepal Rastra Bank had set a daily gold import quota of 25 kilos, the local demand reached 40–45 kilos, according to traders. The shortfall was managed by recycling old gold and importing additional supplies from abroad.
“People believe buying gold and silver on Dhanteras brings Goddess Laxmi’s blessings, which boosted sales,” Rasaili added.
Traders celebrate strong festival sales
For gold and silver traders, Dhanteras is the biggest business day of the year.
“This is the season when sales never disappoint. Even with high prices, the market stayed strong,” said Shakya.
He added that the festive atmosphere of Tihar has brought more people to the markets, filling shops with excitement and confidence among sellers.
