Gold and silver prices see sharp fluctuations as global trends shift and jewellers say what is happening on the ground

2026-02-20 - 08:04

Gold and silver prices have experienced a significant rise and fall during January and February months. Jewellers in Thimphu say that while there are relatively fewer customers, there are no sharp trends of buying and selling of gold and silver amid surging prices. According to APMEX (a leading ecom platform for precious metals), global gold prices peaked significantly during late January. On 29th January 2026, the price stood at USD 171.82 ( est. Nu 15,563) per gram. However, gold prices saw a plunge immediately in the following days. On 30th January 2026, the price fell to USD 153.06 (Nu 13,864) and on 2nd February 2026, consecutively further plunged down to USD 149.62 (Nu 13,552). On 17th February it was USD 156 again. Similarly, silver prices also rose to a significant USD 3.70 (Nu 335) per gram on 29th January 2026, and then rolled down to USD 2.53(Nu 229) on 30th January 2026, and USD 2.50 (Nu 226) on 2nd February. On 17th February it was USD 2.47 again The Bhutan Duty Free Limited issues the price of gold that is procured from the enterprise. As of 13th February 2026, the price fluctuates between USD 3,300 to 3,400 (Nu 298,000 to 308,000) per 20 grams of gold. A surge and plunge in gold and silver price often shows different patterns of exchange between gold dealers and ordinary customers. A go-to place for individuals to fetch good prices for their gold are jewellery stores. One of the owners of a jewellery store said that gold prices have increased recently, and there are fewer buyers because of that. One jeweller said that it usually depends on the customer. “When gold prices rise or fall, customers will often come inquiring how the prices are currently.” He added that the gold here is mainly bought from the Duty Free Shop and prices are set by them. “People mainly come to exchange their jewellery, often looking for a good price to fix or exchange them with other similar kinds of ornaments,” says the owner. “There aren’t many buyers nowadays since people say that they are not able to afford them. The only ones buying are those who are able to afford jewellery,” he added. “Sellers usually will go around in different jewellery stores trying to get a good deal. I feel there isn’t much of a change,” said a staff member from Your’s Jewellers. A jeweller of Mani Lal Jewellery said, “Price keeps changing every now and then, and the standard price here is set by the Duty Free Shop.” “We are not supposed to charge more on top of the gold rate. The rate is issued by the Duty Free and we are only supposed to charge on the making cost of the jewellery,” he added. Another jewellery owner from a store based in Thimphu says, “I’d say the number of buyers have reduced compared to before as gold prices have surged this time. There used to be slightly more customers when gold prices were at normal rates, but now I see that only those who can afford it can buy it.” While people usually come in to exchange their jewelleries, there are no rising trends of customers coming in to sell their jewelleries when gold prices have risen. Jewellers and store owners say that the number of people coming to buy have significantly reduced compared to previous years, but as such, there are no striking trends that the gold and silver market is influencing in Thimphu.