Gold price hits ‘historic’ high

The price of precious yellow metal has hit a historic high of Rs 101,400 per tola (11.664 gram) today.
According to the Federation of Nepal Gold and Silver Dealers’ Association, the new price of fine gold today is set at Rs 101,400 per tola with an increase of Rs 1,600 in a day from yesterday.
Gold was traded for Rs 99,800 per tola on yesterday. The price jumped by a whopping Rs 1,600 in a single day.
Likewise, silver is traded at Rs 1,295 per tola today up by Rs 65 yesterday. Its price was Rs 1,230 per tola on Tuesday. The price of silver has seen a consistent rise since the market resumed in June.
“In the international bullion market, spot gold rose in early trade and touched a fresh record of $2,025.76 per ounce, which is 33 per cent higher so far this year,” according to the international market.
Gold price has been continuously increasing in recent months amid the surge in coronavirus transmission. However, the price has crossed the six-digit mark in the local bullion market for the first time in the midst of a faltering global economy. Gold tends to gain when political and economic uncertainties are high, according to the Federation of Nepal Gold and Silver Dealers’ Association former president Tej Ratna Shakya. “Investors have been fleeing to ‘safe haven’ assets as the pandemic shows no signs of abating,” he said, adding that investors around the world pours their money into the precious metal as the fall in demand for oil and stock prices has made them turn to gold. “Even before the pandemic began in January, the trade war between the United States and China had already started pushing gold prices upwards, as returns on investment were becoming uncertain, and gold is considered a safe haven asset.”
The depreciating value of Nepali currency compared to the US dollars has also been attributed for the gold price hike in Nepal.

Gold price drops by Rs 900 per tola

The price of precious yellow has today declined by Rs 900 to Rs 72,600 per tola (11.664 gram).
According to the Federation of Nepal Gold and Silver Dealers’ Association (Fenegosida), the price of gold has dropped to Rs 72,600 per tola from the historic record high price of Rs 73,500 per tola yesterday.
Likewise, the silver was traded at Rs 860 per tola today. 

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.

Gold price hits record high

The price of precious yellow metal broke yet another record today in the domestic market as it was traded for Rs 43,157 for a tola (11.664 grams).
The gold price touched Rs 43,100 in the domestic market on May 1 but moderated a little, however, the precious yellow metal started to look up once again after reaching the old record price of Rs 43,100 for a tola yesterday.
"Stong dollar has pushed the gold price up in the domestci market," said Nepal Gold and Silver Dealers Association president Tej Ratna Shakya.
On May 1, the sister metal silver also stood at Rs 1,350 the highest price so far. However, silver crossed Rs 1,100 for a tola from yesterday to be traded at Rs 1,107 per tola today.
The foreign exchange rate for US dollar also stood at Rs 72.05 today. The stron dollar has started pushing the prices of the precious metal upward in the domestic market since yesterday.

Silver hits new record

Silver has hit new records in the domestic market today as it was traded at Rs 573.50 per tola (11.664 gram).

"Recent increase in customs duty -- to Rs 16 per 10 gram from Rs 3 -- coupled by the hike in the international price has propelled the price of silver in the domestic market," said Tej Ratna Shakya, president of Nepal Gold and Silver Dealers Asociation (NEGOSIDA).

Due to the increase in price, the trade has come down. "The daily demand of silver is over 30 kg per day," he said adding that the price hike has brough it down to around 25 kg.

The increase in price will not only hurt the trading but also the silver jewellery export. "The exports will also be hit, due to price hike," Shakya added.

In the international market silver was traded for $19.20 per ounce.

Historically, silver has always produced a greater per cent increase in bull markets, sometimes increasing two to three times the initial price.

Silver prices hit a low of $8.79 just 14 months before jump-starting in 2010, closing the first week at $18.45. That's a 9.7 per cent climb just in the first week, and 110 per cent in 14 months. In the long-term, silver investments have yielded a 9.1 per cent annual appreciation since 1991, and a 123 per cent gain in the last five years. And silver prices are only going to rise.

Similarly, gold has also hit the new record high of $1257 per ounce in the international market, though the domestic market did not feel the heat due to stronger Indian rupee against the dollar.

Today in the domestic market the precious yellow metal was traded at Rs 31,000 per 10 gram.

On June 2 gold -- following on the upward path had hit another record high of Rs 30,910 per 10 gram (Rs 36,050 per tola).