Gold price hits fresh record high this year

Kathmandu, January 26:

Breaking its previous record of highest pricing, gold this week opened at a still higher price of Rs 22,550 per 10-gram on Sunday. Gold price at Rs 22,550 per 10-gram works out to Rs 26,300 per tola. Last year, gold had hit record prices twice in the domestic market — on October 13, 2008 at Rs 21,860 per 10 gram (Rs 25,500 per tola) leaving behind the previous highest price, which was Rs 25,450 per tola (11.664 gram) on 16 July 2008.

Gold last week closed at a price of Rs 21,820 per 10 gram, However, it opened this week with a sudden hike in price with a massive increment of Rs 730 over the closing price last week. Though the price defrayed slightly on Monday to Rs 22,505 per 10 gram (Rs 26,250 per tolay, Nepal Gold and Silver Dealers’ Association (NEGOSIDA) president Tej Ratna Shakya said, “The international market for gold is very uneven, and the price is seeing great fluctuations.”

According to NEGOSIDA, gold closed at $856 per ounce in the international market last week but

there was a sudden hike in its price later the same day pushing it to

$899 per ounce. “The global financial crisis is hitting each and every sector hard, making people in the international market invest in gold rather than in shares. Gold is being predicted as a safe and secure investment sector,” said Shakya.

With increased investments in gold in the international market, its demand has risen and that is causing the price of gold to fluctuate the domestic market too, he added.