The precious yellow metal posted
another record high of Rs 56,900 per tola (11.664 grams) in the domestic market
today.
Gold had touched the highest
record of Rs 56,800 per tola on Sunday due to the weakening rupee and
rising international prices and had cooled down, but it has started looking up
again.
Gold had reached its earlier
record of Rs 56,000 on May 4 after the government hiked the customs duty. The
future of Greece staying in the euro along with the questionable Spanish
solvency situation had already propelled the flight of investors to US dollars
and now with the escalated jobless rate in the US, gold is expected to go bull
once again.
The international bullion market
saw the price of gold rallying up on the cue of weak employment numbers in the
US.
Last month, gold was feared to
have entered a bearish run as the weakening euro had driven investors to US
dollars instead of gold. Now, since the US economy also seems to be in troubled
waters along with the Eurozone, gold has reclaimed its throne.
The strong dollar against the
Nepali currency has also contributed in pushing the price of gold to its
current high. The exchange rate for the dollar is hovering around Rs 90 since
last week pushed the prices up alongwith the gold also started looking up in
the international commodities markets.
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