Monday, May 17, 2010

Gold hits record high

Propelled by the strong greenback, the precious yellow metal has touched another record high in the domestic market today. It was traded for Rs 35,254 per tola (11.664 gram) -- Rs 694 more expensive from yesterday's trading price. Yesterday gold was traded for Rs 34,560 per tola.
"Strong dollar has contrubited to the price hike in the domestic market," Tej Ratna Shakya, president of Nepal Gold and Silver Dealers’ Association (NEGOSIDA) said adding that the rescue package brought by European Union (EU) to help Greece has also become effective propelling the gold price in the international market, though less than last week's record price.
According to NEGOSIDA, gold today was traded for Rs 30,225 per 10 gram while silver was traded at Rs 481 per 10 gram that is Rs 561 per tola (11.664 gram).
Gold began approaching record levels last week, 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.

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