Gold price hits record

Kathmandu, January 19:

Gold price touched historic high of Rs 18,220 per 10 gram, in the domestic market on Tuesday this week. However, it closed at Rs 18,005 on Friday.

Gold price in the domestic market increased by Rs 85 to Rs 18,005 per 10 gram from Sunday’s Rs 17,920. After hitting a historic high on Tuesday, it dropped to Rs 18,090 on Wednesday and Rs 18,005 on Thursday and closed at the same price on Friday.

“The volatility in the global crude prices and weakening dollar pushed the price of gold high,” states Nepal Gold and Silver Dealers’ Association. Similarly, gold price hit the historic high of $915 per ounce before closing at $891 on Friday in the international market also.

However, silver price witnessed a drop by three rupees this week from Sunday’s Rs 336 per 10 gram. It also rose to Rs 339 on Tuesday. But dropped back to Rs 336 on Wednesday, before closing at Rs 333 on the last day of the trading.

In the international market, the average annual rise since 2001 has been 27.27 per cent. If gold rises by just this average in 2008, it’ll close the year at $1,061 per ounce, predict the market analysts.

Growth pattern:

2007 — 31.1 per cent

2006 — 20.6 per cent

2005 — 40.0 per cent

2004 — 8.36 per cent

2003 — 54.5 per cent

2002 — 20.2 per cent

2001 — 33.1 per cent