Gold in the domestic market today witnessed a rise by Rs 300 to scale a new high of Rs 55,800 per tola (11.664 gram).
The weakening Nepali rupee vis-à-vis US dollar has pushed the price of gold to a new height, though there has been no huge gain in the international market, where the precious yellow metal surge by $25 per troy ounce from yesterday, according to president of Nepal Gold and Silver Dealers Association (Negosida) Tej Ratna Shakya. “The rising price has pulled the transaction down despite the marriage season.”
Yesterday, it has reached to a high of Rs 55, 497 for a tola.
"The dollar exchange rate has also gone up further pressuring the price in the domestic market to increase," he added.
The uncertainty regarding the Euro in the Eurozone that is going through its worst debt troubles has made investors seek safety of gold investment. Moreover, as Euro is becoming weaker dollar has started to get strong further devaluing Indian Currency (IC) against which Nepali currency is pegged. However, the silver price didnot change from yesterday's Rs 1,074 for a tola today.