Gold price hits new record
Added At: 2010-05-12 10:59 PM
Last Updated At: 2010-05-13 10:59 PM
Himalayan News Service
KATHMANDU: Taking cue from the international market, gold -- in the domestic market -- broke its past record with a price tag of Rs 34,725 per tola (11.664 gram) today. Along with gold, silver also climbed to its last record price of Rs Rs 560 per tola. Silver had hit the same record six months earlier on December 3, 2010. But the last record of gold was Rs 33,848 per tola on December 3.
Gold today was being traded for Rs 29,770 per 10 gram while silver is priced at Rs 480 per 10 gram.
"Gold last broke its record price six months ago on December 3, 2009 with its trading price fixed at Rs 33,848 per tola that is Rs 29,020 per 10 gram," said Tej Ratna Shakya, president of Nepal Gold and Silver Dealers' Association (NEGOSIDA). The increment in the local gold price is due to sudden hike in the international price of gold," he said adding that the domestic price is fixed according the international price. On Wednesday the precious yellow metal was traded at $1,239 per ounce.
According to him, the international market is observing fluctuation in the gold price and if it differs by $10 per ounce -- upward or downward -- the price will be again fixed. "Due to the financial crisis in Greece, international market has observed sudden hike in the gold price that is affecting the local market," he said. Although
the European Union brought relief package of huge amount for the Greece, it only made
a slight fall in the price of gold on Tuesday but it failed to
cope up with the financial crisis fuelling the international price that has broken another record on Wednesday.
The precious yellow metal started gaining as the euro stated becoming weaker due to the crisis in the Greece.
Due to frequent fluctuation in the pricing, the trading volume in the domestic market has been hurt. "If the situation remains for long, gold traders will have to face a tough time ahead," he said.