Wednesday, November 30, 2011

Gold touches new high of Rs 55,500 per tola

The gold price has reached yet another high of Rs 55, 497 for a tola (11.664 grams) at domestic market with the strengthening US dollars against Nepali currency.
"International gold price have also gone up by $17 per ounce from yesterday to $1,723 per ounce today pushing the domestic price up," informed president of Nepal Gold and Silver Dealers Association (Negosida) Tej Ratna Shakya.
The dollar exchange rate have also gone up by Rs 0.30 from yesterday further pressuring the price in the domestic market to increase, he added.
The uncertainty regarding the Euro's future as Eurozone is going through the worst debt troubles is also pushing the investors seek safety of gold investment. Moreover, as Euro is becoming weaker dollar has started to get strong further devaluing Indian Currency against which Nepali currency is pegged. The yellow metal was at its highest on November 9 when a tola touched Rs 55,200. However, the silver price stood at Rs 1,074 for a tola today.


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