Tuesday, January 26, 2016

Gold price hits at three-month high

The precious yellow metal price hit a three-month high of Rs 50,900 per tola (11.663 gram) in the domestic market today.
Gold has rallied in the international market pushing the price in the domestic market, according to the Federation of Nepalese Gold and Silver Association (Fenegosida).
Gold price has increased by Rs 600 per tola in a single day to be traded at Rs 50,900 a tola today. The last time gold was traded at a similar rate in the domestic market was on October 29.
Price of gold has started to increase since last two weeks due to growing demand in Chinese market, according to the reports in the international media that claimed that investors have begun shifting their investment in precious metals as worries over a slowing global economy have hit stocks and crude oil.
The international market price governs the prices of the precious metals in the domestic market. Gold price had dropped to as low as Rs 47,700 per tola on December 18 before re-bouncing to the highest.

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