Gold at new peak of Rs 77,600 per tola

Kathmandu, February 20

Gold price recorded an all-time high of Rs 77,600 per tola in the domestic market today.

Up by Rs 500 per tola compared to Wednesday’s price, gold price has reached a fresh peak, as per Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA).

Bullion traders said that the spread of the coronavirus which has affected the Chinese economy and also the global economy has lured investors to invest in the yellow metal which is considered a safe haven during such crises. “Investors are flocking towards gold which is making the metal dearer in the international market,” said Mohan Kumar Sunar, president of the federation.

As per Reuters, however, gold prices eased today from their highest in nearly seven years in previous session, as safe-haven demand took a hit after a dramatic drop in new coronavirus cases and on expectations China will continue to shore up its economy.

Owing to continuous rise in price of gold, its trade in the domestic market has been limited to 20 to 25 kilograms per day this wedding season against the normal sales of around 40 kg per day during the wedding season of previous years.