KATHMANDU, AUG 08 -Gold touched yet another record on Monday, trading at Rs
40,725 per 10 gm (Rs 47,502 per tola) in the domestic market. The price of the
yellow metal in the international market reached more than US$ 1,700 per ounce.
Gold rose Rs 2,745 per 10 gm in a week from Rs 37,980 last
Monday. A slump in the international stock market and a weakened dollar
resulting from the economic crisis in Europe and the US
led to gold reaching all-time highs, said traders. According to the Nepal Gold
and Silver Dealers Association (NEGOSIDA), the yellow metal on Monday became
dearer by Rs 730 per 10 gm compared to the price on Sunday. Last Friday, it
traded at Rs 39,565 per 10 gm.
NEGOSIDA had to fix the price of gold twice in the local
market last Wednesday and Sunday as the price fluctuated by more than US$ 10 in
a single day in the international market. Gold dealers said that the daily rise
in the price of gold had also pushed up demand for gold in the local market as
investors flocked to buy it. The approaching Teej festival when sales of
jewellery traditionally go up also led to heightened demand.
“The local market is facing a shortage of gold because of
increased demand,” said NEGOSIDA president Tej Ratna Shakya. He added that gold
dealers had procured some 10 kg of gold from commercial banks on Monday and
they were sold out instantly.
Currently, the daily requirement of gold in the local market
stands at 30-35 kg. Demand is estimated to increase further to some 40 kg a day
after two weeks because of the Teej, Dashain and Tihar festivals. Gold dealers said that it was very difficult
to say anything about price trends in the local market as world prices had surpassed
the US$ 1,700 mark predicted by international gold market analysts for the
beginning of 2012.
Day Price Per 10
gm Price Per Tola
August 8 Rs
40,725 Rs 47,502
August 7 Rs
39,995 Rs 46,650
August 5 Rs
39,565 Rs 46,148
August 4 Rs
39,395 Rs 45,950
August 3 Rs
39,440 Rs 46,002
August 2 Rs
38,325 Rs 44,702
August 1 Rs
37,980 Rs 44,300
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