Gold in the domestic market hit a new historic high of Rs 26,440 per tola (11.664 gram) on Friday and gold dealers are claiming it might go even higher next week. The week witnessed a price rise of Rs 900 per 10 gram as it closed at Rs 21,820 last Friday.
According to the Nepal Gold and Silver Dealers' Association (NEGOSIDA), gold in the domestic market was traded at Rs 22,720 per 10 gram on Friday, breaking its previous record of Rs 22, 550 per 10 gram this Sunday.
After opening at a record high of Rs 22,550 per 10 gram, the precious yellow metal, however, plunged by Rs 45 per 10 gram on Monday to record Rs 22,505 per 10 gram.
On Tuesday, the price shot up from Rs 22,550 per 10-gram to Rs 26,300 per tola (11.664 gram). On Wednesday, it again lost Rs 45 to come down to Rs 22,505 whereas Thursday witnessed a further fall of Rs 130 to put it at Rs 22,375 per 10 gram. But on Friday, the last day of trading in the domestic market, gold soared to Rs 22,720 per 10 gram, an all-time high.
Last year, gold price had hit record highs twice in the domestic market -- on October 13, 2008 at Rs 21,860 per 10 gram (Rs 25,500 per tola) leaving behind the previous highest price which was Rs 25,450 per tola (11.664 gram) on July 16, 2008.
"The price hike has however hit the trading of gold as transaction took a nose-dive to five to six kg a week," NEGOSIDA president Tej Ratna Shakya said adding that the price might still go up.
The price of gold in the international market on Friday was $911 per ounce. For current delivery, it closed at $927.30 per troy ounce on Friday on the New York Mercantile Exchange.
Silver also witnessed a rise of Rs 4 per 10 gram to reach Rs 317 from Rs 313 on Sunday.
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