Wednesday, January 30, 2019

Gold price looks up to Rs 62,200 a tola

Taking cue from the international market, gold in the domestic market today reached Rs 62,200 per tola (11.333 grams), up from Rs 61,500 per tola yesterday. The gold price has increased by 1.63 percentage points – from Rs 61,200 on Sunday to Rs 62,200 today – according to Federation of Nepal Gold and Silver Dealers Association.
In August 2012, gold has fetched Rs 63,300 – the highest price of the precious yelloe metal in the domestic market – per tola. Likewise, the lowest price the domestic market recorded was at a low of Rs 47,700 per tola. If the current trend continuous in the international market, the precious yellow metal will break the record in the domestic market next week.
The gold price in the international market has been hovering between $1,283.25 and $1,311.95 per ounce in the last week.
The precious metal price has been continuously increasing since a month. "In the beginning of January, the gold price stood at Rs 61,000, before increasing by 1.97 percentage points to Rs 62,200 today," the association reported, adding that increasing international gold prices and depreciating Indian Currency (IC) – because of weakening dollar as a result of current trade tension between China and the US – have influenced the domestic gold market. "Due to continuous increase in price, the demand for gold has also been decreasing."
According to former president of the association Tej Ratna Shakya, "The rising US-China trade tension and decreasing consumer confidence in dollar and weak performance of the international stock markets can be attributed for the rising gold price."

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