Gold price sets new record in Nepal
The gold price that has been fluctuating in the international market set a new record in the domestic market this week.
The price of the yellow metal reached Rs. 34,635 per 10 grams (Rs 40,400 per tola) on Tuesday in the domestic market breaching the record set on Sunday.
Its price had reached Rs.34, 510 per 10 grams on Sunday.
Tej Ratna Shakya, president of the Nepal Gold and Silver Dealers’ Association (NEGOSIDA), said that due the weakening US dollar, the price of gold has been fluctuating in the international market which had directly affected the domestic bullion market.
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However, the price of gold had slightly decreased in the domestic market after it set a record on Tuesday.
The price of gold in the international market stood at $1,390 per ounce on Friday while it reached at $ 1,414 per ounce on Sunday.
In the domestic market, the gold traded Rs. 34,210 per 10 grams on Wednesday, Rs. 34,125 on Thursday and Rs.34, 295 on Friday.
He said that the price of gold reached the highest in the domestic market due to the devaluation of the US dollar as compared to the Euro and the rise in the price of crude oil in the international market.
The demand of gold has been decreasing in the domestic market due to its increase price; he said adding that the demand of gold stood at around 25 kgs daily.
He said that the demand of gold would decrease from next month.
Not only the gold price but also the price of silver has also been fluctuating in the domestic market, he said.
He said that the scarcity of silver has been seen in the domestic market but there was no scarcity of gold due to its illegal import from India.
Shakya asked the government to open the gold import to control the illegal import.