Gold prices continued to soar, reaching an all-time high of Rs107,500 per tola in the domestic market on Thursday.

According to reports, spot gold surged to $1,952.29 per ounce on Thursday in the international market. The US gold futures rose 1.4 percent to $1,969.40.

Gold prices extended gains to touch their highest in more than nine months after the US central bank raised interest rates by an expected 25 basis points and comments from Chair Jerome Powell were read as dovish by the market.

Gold prices are expected to rise towards record highs above $2,000 an ounce this year, albeit with a bit of turbulence, as the United States slows the rate hikes and eventually stops increasing them, according to the reports.

The price of the yellow metal was hovering at Rs75,000 per tola before the Covid-19 pandemic started in Nepal.