Gold continues powerful rally, crosses 300,000 rupees

January 23: Gold and silver registered a sharp upswing in the domestic market on Friday (January 21).

According to the Federation of Nepal Gold and Silver Dealers Association, fine gold rose by NRs 9,200 per tola (11.66 grams) to reach NRs 301,400. Silver also climbed, gaining NRs 320 per tola to settle at NRs 6,190.

The increase comes after gold prices slipped by NRs 2,900 per tola on Thursday, when the metal was traded at NRs 292,200.

Earlier movements show that fine gold was priced at NRs 295,100 per tola on Wednesday, while silver stood at NRs 5,920. On Tuesday, gold traded at NRs 284,700 and silver at NRs 5,880, while on Sunday prices were recorded at NRs 278,800 for gold and NRs 5,625 for silver.

(This article was updated from below on January 23, 2026, to reflect the latest gold and silver prices.)

Gold continues powerful rally, reaches nearly 300,000 rupees

January 21: Gold hits a new record high. Seen as a safe-haven asset, gold surged past $4,850 an ounce, while silver also climbed, crossing $95.5 an ounce.

In Nepal, gold prices have neared NRs 300,000 per tola, closing at NRs 295,100 on January 21, up NRs 10,400 in a single day. Silver also rose, reaching NRs 5,920 per tola.

The precious metals rallied amid growing fears of a US-EU trade war, sparked by former President Donald Trump’s tariff threat tied to his ambitions to acquire Greenland, which has fueled global market volatility.

After a strong start to the year driven by optimism in the artificial intelligence sector, investors have become cautious as Trump escalated his Greenland demands, citing US “national security” concerns.

Following pushback from European capitals, Trump announced on Saturday that he would impose 10% tariffs on eight countries—including Denmark, France, Germany, and Britain—starting February 1, rising to 25% on June 1.

The move has cast doubt on the outlook for last year’s US-EU trade deal, whose ratification was frozen by the European Parliament on Tuesday.

Speaking at the Davos summit in Switzerland, EU chief Ursula von der Leyen warned the US that punitive tariffs over Greenland would be a “mistake.”

"The European Union and the United States agreed to a trade deal last July. In politics as in business, a deal is a deal. And when friends shake hands, it must mean something," she said.

On Tuesday, Trump further threatened France with 200% tariffs on wine and champagne, citing its refusal to join a “Board of Peace” originally designed to oversee Gaza’s reconstruction but with a broader global mandate under Trump’s leadership.

Japan’s government bond sell-off has also contributed to the gold rally. Rising yields and declining bond prices have raised investor concerns about Japan’s fiscal sustainability, as the country grapples with high public debt and ongoing budget pressures. 

This turbulence in Japan’s financial markets has contributed to a broader “risk-off” sentiment among global investors, prompting a shift away from traditional risk assets such as equities and government bonds. As a result, investors are increasingly turning to safe-haven assets like gold and silver to protect wealth, pushing prices to new highs.