KATHMANDU: It’s the fifth time that gold has made a new price record this year. Again, with the US dollar declining and demand for gold rising, the yellow metal was traded at a new record price of Rs 31,850 per tola (Rs 27,305 per 10 gram).

This year, gold first broke its price record on Ashwin 1 and reached Rs 29,860 per tola followed by further record prices till date. Currently, gold has gained Rs 1990 in a three-month interval. On Ashwin 27, gold rose to Rs 29,990 per tola. In the month of Kartik too, gold scored two price records with Rs 30,050 per tola and Rs 31,640 per tola. Now, it is being traded for another high price of Rs 31,850 per tola, said Nepal Gold and Silver Dealers’ Association(NEGOSIDA).

According to NEGOSIDA president Tej Ratna Shakya, due to the rise in gold price the internal market is experiencing a fall in demand whereas due to speculation regarding the scarcity of gold there is a high demand for gold in the international market. That is one of the major causes for the rise in the price of gold. Gold today is being traded for $1136 per ounce, said Shakya.

“Another cause for the gold price hike may be due to weak dollar value compared to yen and the euro,” Shakya said adding that central banks in the international market are also taking gold as reserves. Meanwhile, fluctuating value of oil is indirectly affecting the gold price too. Shakya said the price of crude oil is fluctuating. “The international market is opting for gold as the safest investment,” he said.