Kathmandu, April 30:

Nuclear disputes between the US and Iran has propelled the price of precious yellow metal in the international market. Decreasing value of the US dollar and unstable price of petroleum products has also contributed significantly to the hike in gold price.

As the domestic bullion market is not very strong, a slight change in the international market is good enough to bring changes to the local market. The price of hallmark gold in domestic market stood at Rs 15,430 per ten grams and that of worked was Rs 15,345 today. The price has increased by Rs 1,880. On the first of April, the price of the hallmark was Rs 13,550.

“Weak performance of the US dollars in comparison to yen and euro and Iran nuclear crisis has fuelled the gold price globally,” said Tej Ratna Shakya, president of Nepal Gold and Silver Dealers’ Association (NGSDA). “Though the price of petroleum products decreased, its effect could not be felt in the domestic market,” he added.

“Despite the strong performance of stock market, people are reluctant to invest in stocks and are finding investment in gold more profitable hoping that the price of the precious yellow metal would further go up,” Shakya said.

“The domestic bullion market has been severely affected by the general strike and even after the opening of market the demand did not increase. Despite it being a wedding season, the demand is not high,” he said adding that however, domestic market is having short supply of gold with no import of gold due to insurgency.