The price of precious yellow again hit a new record high of Rs 70,300 per tola (11.664 grams) in the domestic market today.
The price of bullion increased to Rs 71,000 per tola today, according to the Federation of Nepal Gold and Silver Dealers' Association (Fenegosida).
Likewise, the price of silver also increased by Rs 10 to be traded at Rs 835 per tola today, the association said.
Gold price in domestic market is directly related to the price in the international market, and the price in the international market has been looking up due to Sino-US trade war and US Federal Reserve's decision to lower the interest rate by 25 basis points for the first time in a decade. On top of surging international price, the domestic bullion market is also looking up due to the fiscal policy – for the fiscal year 2019-20 – that has hiked the duty for the gold by Rs 800 per 10 grams fom the beginning of the fiscal year.
The regular surging price has an adverse impact in the bullion market, according to the Fenegosida. “The jewelry shops are deserted and little customers, who visit the shop are visiting to sell their gold holdings rather than to buy,” the association added.
On Monday, the gold was traded at a record high price of Rs 70,000 per tola.
The price of bullion increased to Rs 71,000 per tola today, according to the Federation of Nepal Gold and Silver Dealers' Association (Fenegosida).
Likewise, the price of silver also increased by Rs 10 to be traded at Rs 835 per tola today, the association said.
Gold price in domestic market is directly related to the price in the international market, and the price in the international market has been looking up due to Sino-US trade war and US Federal Reserve's decision to lower the interest rate by 25 basis points for the first time in a decade. On top of surging international price, the domestic bullion market is also looking up due to the fiscal policy – for the fiscal year 2019-20 – that has hiked the duty for the gold by Rs 800 per 10 grams fom the beginning of the fiscal year.
The regular surging price has an adverse impact in the bullion market, according to the Fenegosida. “The jewelry shops are deserted and little customers, who visit the shop are visiting to sell their gold holdings rather than to buy,” the association added.
On Monday, the gold was traded at a record high price of Rs 70,000 per tola.
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