Sunday, June 21, 2020

Gold price hits historic high of Rs 90,600 per tola

The price of precious yellow metal reached a historic high of Rs 90,600 per tola (11.664 grams) today.
According to the Federation of Nepal Gold and Silver Dealers’ Association (Fenegosida, the price of gold has increased by Rs 700 per tola in two days, as it was priced at Rs 89,900 on Friday.
After remaining shut for almost two-and-a-half months – due to lockdowm imposed by the government to contain coronavirus (Covid-19), domestic bullion market opened with an increased price tag of Rs 10,400 per tola to Rs 87,400. Before lockdown, gold was being traded for Rs 77,000 per tola in March.
After the market opened on June 7, The Fenegosida fixed the price at Rs 87,400 per tola. Since, then the price of gold has been increasing steadily, also due to marriage season and price hike in international market as the global economy continues to be unstable. The increasing price of gold has made people sell their gold jewellary.
The association said that the increased selling has put pressure on the dealers. Thus, gold dealers have requested consumers to limit the selling of gold jewellary as the industry itself is suffering due to the lockdown. The association claimed that there are around 22,000 gold trader with an estimated investment of Rs 60 billion in the country.
An average of 20 kg of gold used to be traded daily before the lockdown but it has come down to almost zero after the market resumption.

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