Gold hits another record high

The precious yellow metal today hit another record high costing Rs 35700 per tola (11.664 gram). The price of gold per 10 gram was at Rs 30,625 in the local market whereas the silver was traded for Rs 471.50 per 10 gram.
"The Greece crisis coupled with euro and dispute between North Korea and South Korea pushed the international price up," said Tej Ratna Shakya, president of Nepal Gold and silver Traders Asociation (NEGOSIDA). "On top of that the devaluation of Indian Currency (IC) against the dollar also pushed the gold price higher in the local market."
Nepali currency is pegged with the Indian Currency (IC) and its devaluation against the greenback will hit the Nepali rupee too.
"The price in the local market might touch Rs 40,000 per tola," said traders fearing low trade before the marriage season.
Earlier, last Monday the precious yellow metal had touched a record high -- in the domestic market – reaching Rs 35,254 per tola (11.664 gram).
Last recorded high price was because of strong dollar that had contributed to the price hike in the domestic market. However, the silver was traded at Rs 481 per 10 gram that is Rs 561 per tola(11.664 gram) on last Monday.
Gold price began approaching record levels from couple of weeks earlier, when the escalating Greek crisis prompted investors to flee to the precious metal. Heightened concerns about the risk of contagion from Greece’s debt woes have attracted fresh inflows of cash into gold, which is widely regarded as a safe bet in times of economic uncertainty.