Quick Updates on Nepal’s Business News from Khabarhub

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The gold market in Nepal reached a record high on May 16, 2024, with the price of fine gold surging to an unprecedented Rs. 1,40,000 per tola. This significant increase from its previous price of Rs. 1,38,400 reflects strong demand and possibly supply constraints within the domestic market. The surge in gold prices indicates a shift in investor sentiment and market dynamics, with factors such as inflationary pressures and geopolitical tensions potentially driving the upward trend.

In other economic news, the Nepal Stock Exchange (NEPSE) Index saw a marginal increase of 0.79 points on Thursday, with the microfinance sector leading the gains with a 3.80% increase. Despite fluctuations in trading, the market remained active, with 315 stocks changing hands through 57,218 transactions.

Additionally, Nepal witnessed a significant outflow of individuals seeking foreign employment opportunities, with 576,542 Nepali nationals departing the country in the first 10 months of the fiscal year. This trend highlights the enduring significance of foreign employment as a livelihood strategy for many Nepali citizens.

On the tourism front, the Annapurna Circuit welcomed a record 177,182 foreign visitors over the last 10 months, signaling a resurgence in the region’s tourism sector. The peak visitation occurred during March-April, with travelers from South Asian countries and other parts of the world exploring the scenic trekking routes.

Furthermore, Executive Director of the Nepal Electricity Authority (NEA), Kulman Ghising, emphasized the vital role of the private sector in achieving Nepal’s goal of generating 2,800 megawatts of electricity over the next decade. Ghising’s statements underscore the importance of private sector participation in advancing Nepal’s energy infrastructure and meeting the nation’s electricity generation targets.

Overall, these economic developments in Nepal reflect a dynamic and evolving landscape with implications for investors, consumers, and the broader economy.

Team@GQN.