Gold set a new record on Sunday trading at Rs 37,125 per 10 gm (Rs 43,302 per tola) in the local market. Gold dealers said that a stronger dollar had pushed up the yellow metal to new highs.
Gold has gained Rs 690 per 10 gm over the past week. It was traded at Rs 36,435 per 10 gm in the domestic market last Sunday. The precious metal rose consistently throughout the week
, reaching Rs 36,950 on Wednesday and Rs 37,000 on Thursday.
Gold traders said that even though the price of gold had not reached a new record in the international market, a rising dollar and soaring crude oil prices had pushed up the price of the yellow metal. A downturn in global stock markets and increased investment in gold by speculators have also been cited as reasons behind the precious metal taking off. “When the dollar becomes strong, the price of gold naturally goes up in the local market,” said Tej Ratna Shakya, president of Negosida. He added that gold traded at US$ 1,536 per ounce in the international market on Sunday. The price of gold had reached a high of US$ 1,563 per ounce last month in the international market.
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