Wednesday, November 16, 2011

Gold sets another record high price

Gold broke all the previous records and was traded at Rs 55,404 per tola (11.664 gram) today in the domestic market due to devaluation of Indian Currency (IC) against the US dollar.
Weakening IC against US dollar has pushed the precious yellow metal price in the domestic market, Nepal Gold and Silver Dealers Association (Negosida) president Tej Ratna Shakya said, adding that the Nepali rupee being pegged with the Indian Currency has automatically weakened.
However, the traders are upbeat about transactions as the marriage season has started. "Some 25 kg gold was traded today," he said, adding that generally the trading has been around 20 kg last week. "But the marriage season has forced the consumers to buy gold as it is tradition, despite the price hike," he added.
The precious yellow metal has rebounced to its record high price of Rs 55,200 per tola in the domestic market on Monday.
Skyrocketing international price coupled with depreciating Indian Currency (IC) against US dollar pushed the precious yellow metal to whole new level, according to the gold traders.
In the beginning of Kartik, the price of the gold was Rs 51,200 per tola in the domestic market but surged by Rs 4,000 in a month.
Last Wednesday, the price had touched the record high price of Rs 55,200 on strong dollar and euro crisis.

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