Price of gold scales new high

Kathmandu, February 11:

Gold price scaled a new high today with Rs 27,200 per tola (11.664 gram) in the domestic market.

Since the begining of this week, the price of the precious yellow metal has seen record highs. On Sunday, it opened at a record high of Rs 27,100 per tola, said Tej Ratna Shakya, president

of Nepal Gold and Silver Dealers’ Association (NEGOSIDA).

Gold was traded at Rs 23,235 per 10 gram on Sunday and the price remained constant on Monday.

“Tuesday witnessed a marginal drop of Rs 100 per tola to Rs 27,000,” he said adding that today gold traded at Rs 27,200 per tola (Rs 23,320 per 10 gram). Shakya added, “Due to high price the domestic market witnessed minimum trading of gold despite the wedding season. Trading was only four-five kg per throughout the country.”

The international price of gold has seen a bullish trend due to recession in the US and European countries. Weak Nepali rupee has also contributed to the record high price of gold apart from fluctuating international market. It is being traded at around $912 per ounce in the international market.

“If the dollar gets strong — which its is expected to due to US president Barack Obama’s $800 stimulus plan — the gold price may come down,” Shakya predicted.

Silver is also gaining. It was traded at Rs 328 per 10 gram on Sunday and Monday but today it was traded at Rs 330 per 10 gram (Rs 385 per tola). “It scaled a historic high of Rs 480 per tola last year,” said Shakya.