Gold followed on the upward path today and hit another record high of Rs 30,910 per 10 gram (Rs 36,050 per tola) in the domestic market. After a brief slowdown, the precious yellow metal has resumed its northern course terrifying the customers before the marriage season, due to weak Indian Currency (IC) against the dollar.
"Consumption demand on gold has also dropped but the yellow metal has nonetheless been ascending, backed by safe haven and alternative investment demand against currency fluctuations and uncertainty," said Tej Ratna Shakya, president of Nepal Gold and Silver Dealers Association (NEGOSIDA). "The market hardly saw 10 kg of gold being traded today."
"Supply crunch on one hand and IC fluctuation on the other pushed the price of gold in the domestic market," he said, adding that the central bank's decision to award the right to buy gold from banks has to be revisited. "The banks could not supply enough gold," Shakya complained.
According to the tradition, gold is traded more in the domestic market. "The customers are also suffering in the marriage season as they could not buy gold in the market yesterday," he added.
Emerging and Asian countries' efforts in supporting the recovering global economy are still marred by the European debt crisis and weak consumption pressurising the gold price in the international market. "For this reason confidence in the markets is still shaky, as uncertainty still fills the air," Shakya said.
Gold has risen by 0.35 per cent to $1220.40 in the international market. Precious metals, and especially gold, are used as a safe haven against depreciating currencies. Investors demand gold for various reasons, but whatever the motive, gold is feeding on this bullish behaviour. From another perspective, rising confidence pulls liquidity into gold as an alternative demand due to a certain level of uncertainty still lingering in the markets.
Fundamental are still aiding gold and other precious metals, while corrections and fluctuations will not be excluded from the current uptrend that is expected to remain unchanged until new economic data of the EU and the US is released, which is unlikely in the near future.
Gold followed on the upward path today and hit another record high of Rs 30,910 per 10 gram (Rs 36,050 per tola) in the domestic market. After a brief slowdown, the precious yellow metal has resumed its northern course terrifying the customers before the marriage season, due to weak Indian Currency (IC) against the dollar.
"Consumption demand on gold has also dropped but the yellow metal has nonetheless been ascending, backed by safe haven and alternative investment demand against currency fluctuations and uncertainty," said Tej Ratna Shakya, president of Nepal Gold and Silver Dealers Association (NEGOSIDA). "The market hardly saw 10 kg of gold being traded today."
"Supply crunch on one hand and IC fluctuation on the other pushed the price of gold in the domestic market," he said, adding that the central bank's decision to award the right to buy gold from banks has to be revisited. "The banks could not supply enough gold," Shakya complained.
According to the tradition, gold is traded more in the domestic market. "The customers are also suffering in the marriage season as they could not buy gold in the market yesterday," he added.
Emerging and Asian countries' efforts in supporting the recovering global economy are still marred by the European debt crisis and weak consumption pressurising the gold price in the international market. "For this reason confidence in the markets is still shaky, as uncertainty still fills the air," Shakya said.
Gold has risen by 0.35 per cent to $1220.40 in the international market. Precious metals, and especially gold, are used as a safe haven against depreciating currencies. Investors demand gold for various reasons, but whatever the motive, gold is feeding on this bullish behaviour. From another perspective, rising confidence pulls liquidity into gold as an alternative demand due to a certain level of uncertainty still lingering in the markets.
Fundamental are still aiding gold and other precious metals, while corrections and fluctuations will not be excluded from the current uptrend that is expected to remain unchanged until new economic data of the EU and the US is released, which is unlikely in the near future.
Gold followed on the upward path today and hit another record high of Rs 30,910 per 10 gram (Rs 36,050 per tola) in the domestic market. After a brief slowdown, the precious yellow metal has resumed its northern course terrifying the customers before the marriage season, due to weak Indian Currency (IC) against the dollar.
"Consumption demand on gold has also dropped but the yellow metal has nonetheless been ascending, backed by safe haven and alternative investment demand against currency fluctuations and uncertainty," said Tej Ratna Shakya, president of Nepal Gold and Silver Dealers Association (NEGOSIDA). "The market hardly saw 10 kg of gold being traded today."
"Supply crunch on one hand and IC fluctuation on the other pushed the price of gold in the domestic market," he said, adding that the central bank's decision to award the right to buy gold from banks has to be revisited. "The banks could not supply enough gold," Shakya complained.
According to the tradition, gold is traded more in the domestic market. "The customers are also suffering in the marriage season as they could not buy gold in the market yesterday," he added.
Emerging and Asian countries' efforts in supporting the recovering global economy are still marred by the European debt crisis and weak consumption pressurising the gold price in the international market. "For this reason confidence in the markets is still shaky, as uncertainty still fills the air," Shakya said.
Gold has risen by 0.35 per cent to $1220.40 in the international market. Precious metals, and especially gold, are used as a safe haven against depreciating currencies. Investors demand gold for various reasons, but whatever the motive, gold is feeding on this bullish behaviour. From another perspective, rising confidence pulls liquidity into gold as an alternative demand due to a certain level of uncertainty still lingering in the markets.
Fundamental are still aiding gold and other precious metals, while corrections and fluctuations will not be excluded from the current uptrend that is expected to remain unchanged until new economic data of the EU and the US is released, which is unlikely in the near future.
Gold followed on the upward path today and hit another record high of Rs 30,910 per 10 gram (Rs 36,050 per tola) in the domestic market. After a brief slowdown, the precious yellow metal has resumed its northern course terrifying the customers before the marriage season, due to weak Indian Currency (IC) against the dollar.
"Consumption demand on gold has also dropped but the yellow metal has nonetheless been ascending, backed by safe haven and alternative investment demand against currency fluctuations and uncertainty," said Tej Ratna Shakya, president of Nepal Gold and Silver Dealers Association (NEGOSIDA). "The market hardly saw 10 kg of gold being traded today."
"Supply crunch on one hand and IC fluctuation on the other pushed the price of gold in the domestic market," he said, adding that the central bank's decision to award the right to buy gold from banks has to be revisited. "The banks could not supply enough gold," Shakya complained.
According to the tradition, gold is traded more in the domestic market. "The customers are also suffering in the marriage season as they could not buy gold in the market yesterday," he added.
Emerging and Asian countries' efforts in supporting the recovering global economy are still marred by the European debt crisis and weak consumption pressurising the gold price in the international market. "For this reason confidence in the markets is still shaky, as uncertainty still fills the air," Shakya said.
Gold has risen by 0.35 per cent to $1220.40 in the international market. Precious metals, and especially gold, are used as a safe haven against depreciating currencies. Investors demand gold for various reasons, but whatever the motive, gold is feeding on this bullish behaviour. From another perspective, rising confidence pulls liquidity into gold as an alternative demand due to a certain level of uncertainty still lingering in the markets.
Fundamental are still aiding gold and other precious metals, while corrections and fluctuations will not be excluded from the current uptrend that is expected to remain unchanged until new economic data of the EU and the US is released, which is unlikely in the near future.
"Consumption demand on gold has also dropped but the yellow metal has nonetheless been ascending, backed by safe haven and alternative investment demand against currency fluctuations and uncertainty," said Tej Ratna Shakya, president of Nepal Gold and Silver Dealers Association (NEGOSIDA). "The market hardly saw 10 kg of gold being traded today."
"Supply crunch on one hand and IC fluctuation on the other pushed the price of gold in the domestic market," he said, adding that the central bank's decision to award the right to buy gold from banks has to be revisited. "The banks could not supply enough gold," Shakya complained.
According to the tradition, gold is traded more in the domestic market. "The customers are also suffering in the marriage season as they could not buy gold in the market yesterday," he added.
Emerging and Asian countries' efforts in supporting the recovering global economy are still marred by the European debt crisis and weak consumption pressurising the gold price in the international market. "For this reason confidence in the markets is still shaky, as uncertainty still fills the air," Shakya said.
Gold has risen by 0.35 per cent to $1220.40 in the international market. Precious metals, and especially gold, are used as a safe haven against depreciating currencies. Investors demand gold for various reasons, but whatever the motive, gold is feeding on this bullish behaviour. From another perspective, rising confidence pulls liquidity into gold as an alternative demand due to a certain level of uncertainty still lingering in the markets.
Fundamental are still aiding gold and other precious metals, while corrections and fluctuations will not be excluded from the current uptrend that is expected to remain unchanged until new economic data of the EU and the US is released, which is unlikely in the near future.
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