Nuptial ties strengthen bullion bazaar

Kathmandu, December 12:

The price of gold this week was hovering around Rs 23,000 per tola (11.664 gram) due to wedding season. The yellow metal has hit record price of Rs 25,500 per tola in October.

Gold price this week even noticed double pricing on Monday. It has opened at Rs 19,890 per 10 gram on Sunday. But on Monday the price of gold witnessed double pricing — Rs 19,935 in the morning and Rs 20,100 in the afternoon — due to change of price in the global market by over $10.

“This is due to rise in the price of gold in the international market by over $10,” said Tej Ratna Shakya, president of Nepal Gold and Silver Dealers’ Association (NEGOSIDA). If the price in the international market is changed by $10 per ounce — upwards or downwards — NEGOSIDA also changes the gold price in the domestic market. Earlier it used to change the price in the domestic market, even if there is a change of $5 per ounce. Tuesday the yellow metal price increased to Rs 20,275 per 10 gram and on Wednesday it surged by Rs 65 more to Rs 20,340 per 10 gram. It went upwards to Rs 20,660, an increment of Rs 340 on Thursday and closed at Rs 20,835 per 10 gram on Friday.

Meanwhile silver opened at Rs 283 per 10 gram and remained unchanged on Monday. It gained three rupees to Rs 286 on Tuesday. On Wednesday it was Rs 291.50 and remained unchanged on Thursday. Silver closed at Rs 296 on Friday.