As gold price soars to six-digit figure, sales plummet
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Kathmandu, Aug. 1 -- Upendra Poudel of Sitapaila in Kathmandu was forced to suddenly postpone his wedding planned for April to November amid the Covid-19 lockdown. A week before the lockdown that began on March 24, gold was trading at Rs 78,500 per tola. On Friday it hit a record high of Rs 99,300 per tola in the Nepali market.
The price of a tola of gold (11.66 grams) is nearing the per capita income of Nepalis of $1,085 (or Rs130,000 in Friday's exchange rate).
"There can be no wedding without a certain amount of gold," said Prithvi Poudel, father of Upendra. "My budget to buy gold is not enough. The price keeps going up and shows no signs of abating."
In Nepal, gold is traditionally and culturally important in performing marriage ri...
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