KATHMANDU – In a move that has left both jewelers and investors in shock, gold and silver prices in Nepal have shattered all previous records to reach unimaginable heights. On Thursday, January 29, 2026, the domestic bullion market witnessed its largest-ever single-day spike, with gold prices jumping by a staggering NPR 20,500 per tola.

According to the Federation of Nepal Gold and Silver Dealers’ Association, fine gold is now being traded at NPR 339,300 per tola, firmly establishing a new historic high. This follows a week of relentless record-breaking, just 24 hours after the metal had peaked at NPR 318,800.

The Domestic Bullion Breakdown

The surge was uniform across all categories of precious metals:

Fine Gold: Rose from NPR 318,800 to NPR 339,300 per tola.
Tejabi Gold: Jumped from NPR 318,100 to NPR 338,600 per tola.
Silver: Gained NPR 205 in a single day, setting a fresh record at NPR 7,505 per tola.

The scale of this increase is unprecedented; for context, the gold price in Nepal has surged by approximately NPR 30,000 in just two days, reflecting extreme volatility and a global rush toward "Safe Haven" assets.

Detailed Interpretation: Why is the Price Skyrocketing?

The domestic surge is a direct mirror of the "gold fever" currently gripping global markets. Analysts point to several "Perfect Storm" factors:

Global Safe Haven Demand: With international spot gold crossing the $5,500 per ounce mark for the first time in history, global investors are fleeing from equities and currencies. Rising U.S. debt concerns, political instability in major economies, and trade tensions (including new tariff threats) have made gold the ultimate "Neutral Store of Value."
The Weakening Dollar & Currency Dynamics: The U.S. dollar has hit a near four-year low in January 2026. Since gold is priced in dollars, a weaker dollar makes it cheaper for international buyers, which paradoxically drives the global price up even further. In Nepal, this is exacerbated by the weakening Nepali Rupee, making imports significantly more expensive.
The "Greed and Fear" Cycle: Domestically, there are rumors of demonetization and continued political uncertainty. When traditional savings like bank deposits offer low interest and cooperatives remain unstable, Nepalis traditionally turn to gold. The current "FOMO" (Fear Of Missing Out) is driving even retail consumers to buy gold at peak prices, fearing it will soon cross the NPR 400,000 mark.
Supply Constraints: The central bank (Nepal Rastra Bank) has a strict import quota (currently 20 kg per day). With the wedding season approaching and demand tripling from 15 kg to 40 kg per day, the sheer lack of physical gold in the market is pushing "premiums" and retail prices to these record levels.