KATHMANDU, AUG 19 -The price of gold went up by Rs 1,330 per 10 gm on Friday. With this, the price of the yellow metal has touched a record high of Rs 44,795 per 10 gm (Rs 52,250 per tola) in the domestic market. Friday’s hike was the result of the price hike in the global market.
The precious metal was traded at Rs 43,465 per 10 gm on Thursday. The price of gold has been increasing significantly for the last three weeks propped up by the price hike of the precious metal in the international market.
The swelling price has affected daily business in the local market, according to Nepal Gold and Silver Dealers Association (NEGOSIDA). It says dealers from districts including Parbat, Makawanpur,
Nepalgunj, Palpa and Bhairahawa, have said there was no gold transactions on Friday. On Friday, gold reached a new high of $1,881 per ounce in the international market as investors, anxious about the uncertain global economy, snapped up the precious metal.
Investors are putting more money in gold than in stocks, seeking safety of their investment amid the slum in the stock market.
“Increased demand for investment in the international market has sent the price up,” Tej Ratna Shakya, the president of NEGOSIDA, said. He said the metal was traded at $1,791 per ounce on Thursday.
There used to be a demand for 30 kg of gold every day in previous years this season. However, according to dealers, this year, the daily demand has come down to hardly 7 kg per day because of the unexpected rise in the metal’s price. On Friday, the silver price too went up by Rs 16.50. Silver will now cost Rs 1,007.50 per 10 gm.
No comments:
Post a Comment