Silver imports overtake gold in Nepal for the first time
Summary
Nepal’s silver import bill has overtaken gold for the first time, driven by soaring prices and a rush from investors seeking a safe haven amid stock market weakness and economic uncertainty. Traders say most of the imports are actually silver granules, not powder, and some buyers are now facing losses after prices corrected sharply.
Key Points
- Nepal’s silver imports surged 366 percent to Rs32.74 billion in the last fiscal year, overtaking gold imports in value for the first time on record.
- Traders and officials say most of the metal is being imported as silver granules, though customs records classify much of it as “silver powder.”
- Investors shifted to silver as gold became too expensive and stock markets weakened after the September 2025 Gen Z unrest.
- The price rally has since reversed, leaving some investors stuck with holdings bought near the peak.
