Gold price continues to touch record highs

Kathmandu, February 2:

Gold price touched yet another all-time high of Rs 18,950 per 10 gram in the domestic

market this week.

The precious yellow metal in the domestic market closed Rs 175 higher to Rs 18,950 per 10 gram from Sunday’s Rs 18,775.

On Monday, the price of hallmark gold rose to Rs 18,860. From Tuesday onwards it remained at a historic high of Rs 18,950. At this new price, the precious yellow metal mostly used for jewelries in Nepal, would cost Rs 22,103 per tola.

“The market closed at Rs 18,950, a new record high,” according to Nepal Gold and Silver Dealers’ Association (NEGOSIDA). The instability in global crude prices and devaluation of US dollars despite the interest rate cut by the Fed, appears to have pushed up gold prices.

Similarly, the precious yellow metal was traded at a historic high $926 per ounce this Friday from $910 a week ago in the international market, added NEGOSIDA. The gold prices continued to climb, as it reached $936.92 per ounce on Saturday.

Elsewhere, silver struck a 27-year high of $17.31 an ounce on the back of gold’s rise. In

the domestic market, silver price closed high at Rs 347 per 10 gram on Friday. It saw a rise of three rupees per 10 gram from Rs 343 on Sunday.