Gold price hits a new record

The price of precious yellow metal has set a new record today in the domestic market by rising Rs 1,200 per tola (11.664 grams) overnight to be traded at Rs 72,500. “The gold is being traded at 72,500 per tola today at the domestic market,” according to Federation of Nepal Gold and Silver Dealers’ Association (Fenegosida) that fixes reference price for gold dealers across the country every day. “Similarly, the price of silver has also increased by Rs 25 per tola today, making it Rs 850 per tola.”
As the American Federal Reserve lowering the interest rate for the first time in years, the price of gold in the international market has sharply increased,” the association said, adding that the domestic market has witnessed a sharp rise in the gold price due to rise in the international market.
The precious yellow metal was traded for Rs 71,300 per tola on Friday.
The price has been rising in line with the international market and American Federal Reserve Bank's recent cut in interest, US-China trade war, and current Kashmir tension, the association said, adding that due to continuous rise in price, the daily demand has been dropping with only 10 per cent daily demand. “The daily demand of gold that used to stand at 35 kg per day has dropped to around 3 kg per day.”