Kathmandu. The price of gold has been increasing lately this year. In the Nepali market today, it has reached Rs 2,50,900 per tola. This is the highest ever.
It contains 85.74 tola gold in one kilogram. In this way, the price of one kilogram of gold has reached Rs 2,15,12,000 today.
Harsh Goenka, chairman of India’s RPG Group, has compared the price of 1 kg of gold to a car in a post on social media.
According to Goenka, in 1990, the price of 1 kg of gold was equivalent to a Maruti 800 car and by 2025 it will reach the level of luxury car like Land Rover.
- 1990: 1 kg gold = Maruti 800 car
- 2000: 1 kg of gold = Maruti Esteem (middle-class car).
- 2005: 1 kg of gold = Toyota Innova (introduction of family SUV).
- 2010: 1 kg gold = Toyota Fortuner (luxury SUV).
- 2019: 1 kg of gold = BMW (premium brand).
- 2025: 1 kg of gold = Land Rover
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According to Goenka, the price of 1 kg of gold in 2030 could be equal to the price of a Rolls-Royce car and in 2040 the price of a private jet.
Goenka’s post is going viral on social media.
3 main reasons for the rise in the price of gold
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Demand for the festive season: It is considered auspicious to buy gold during Diwali and Dhanteras. This has led to strong buying interest even though volumes are lower due to higher prices.
Geopolitical tensions: Investors are buying gold due to concerns about unrest and trade wars in the Middle East. Uncertainty about U.S. policy remains.
Central Bank Purchase: Major banks around the world want to reduce their dependence on the dollar. Therefore, they are continuously increasing the share of gold in their reserves.
According to Goldman Sachs, the price of gold per ounce will reach $ 5,000 by 2040. One ounce contains 2.43 tolas. This means that by 2026, it can reach about Rs 3 lakh.
