Gold price hits Rs 102,500

 The precious yellow metal has made yet another record at an all-time high of Rs 102,500 per tola (11.664 gram) in the domestic market today.

Federation of Nepal Gold and Silver Dealers’ Association (Fenegosida) confirmed an increase of Rs 1,100 per tola on fine gold in a day to hit the historic high price of Rs 102,500 per tola. “The price of tejabi gold stands at Rs 102,000 per tola, which also increased by Rs 1,100.”

The Federation had earlier estimated that the gold price may surge as high as Rs 150,000 per tola by October. The price of silver has also increased to Rs 1,345, showing an increase of Rs 50 per tola, in a day. Prior to this, the silver price had peaked at around Rs 1,300 per tola in 2013.

Gold price goes higher to Rs 29,800 per tola

International price pushed the price of gold in the domestic market to touch a new record high of Rs 29,800 per tola (11.664 grams) today. It is looking to Rs 30,000 per tola.
The precious yellow metal was traded at Rs 25,550 per ten grams on Sunday —the first day of transaction -- gaining Rs 345 per ten grams from Friday’s Rs 25,205. Nepal Gold and Silver Dealers Association (NEGOSIDA) said that skyrocketing price of bullion in the international market has pushed up the gold price in local market up.
This weeding season saw an unexpected rise in the price of gold pulling the demand down despite wedding season.
In the international market, gold rose to $990 per ounce and it is still looking up to $1,000 per troy ounce (31.11 gram). Analysts said the precious yellow metal is possibly targeting last March's all-time high of $1,030.80 per troy ounce.

Gold price looks to Rs 30,000 per tola, set to shatter all records

Gold is likely to rise up to Rs 30,000 per tola (11.664 gram), hurting the domestic trade. Gold traders are a worried lot as the price is gaining every day, pinching their trade in the wedding season.
"Today, it broke all records and was traded at Rs 29,160 per tola in the domestic market," said Tej Ratna Shakya, president of Nepal Gold and Silver Dealers' Association (NEGOSIDA). Interestingly, silver also jumped to Rs 414 per tola today.
"The weak dollar against the Japanese yen and Euro and poorer performance of global share markets have pushed up the gold price in the international market apart from weak rupee against the dollar at home," he said adding that the price of gold in the international market also is looking to go up to $1000 per ounce. Today, it was around $965 per ounce.
"Speculative market players have also contributed to the hike in gold price," Shakya said. Gold is unique because it is both a commodity and a monetary asset and thus a safe haven for investors. "Gold is seen as a hedge against inflation; while its real value can vary in the short term, its purchasing power has remained stable over centuries," said Shakya.
Today, very little gold was traded, at Rs 25,000 per 10 gram while silver was traded at Rs 355 per 10 gram.
According to World Gold Council's Gold Demand Trends, identifiable gold demand in tonnage terms rose by four per cent on previous year levels to 3,659 tonnes. This year as a whole, the gold price averaged $872, up by 25 per cent from $695 in 2007.
Similarly, global demand for jewellery was also up by 11 per cent in dollar terms at almost $60 billion for 2008 against 2007.
Investors around the world have recognised the benefits of holding back gold during such a time of unprecedented global financial crisis, recession and the spectre of future inflation. Gold has again proven its core investment qualities as a store of value, safe haven and portfolio diversifier. Naturally, this has struck a chord with nervous investors.
Total demand in India, the world's largest gold market, in the fourth quarter of 2008 was up by 84 per cent in tonnage terms, led by a very strong 107 per cent rise in jewellery demand, underpinned by investment attributes of gold.
Similarly, total gold demand in Greater China in Q4 of 2008 was resilient against the global turmoil. Total off-take was up by 21 per cent on the same period last year, with investment the main contributor to growth but jewellery demand also holding up well.

Gold breaks all past records

The weak Nepali rupee against the US dollar and fluctuating international market have pushed the price of gold up to Rs 27,800 per tola (11.664 grams) on Friday -- the last day of trading in the domestic market. Gold gained Rs 685 over a week from last Friday's closing of Rs 23,150 per 10 gram.
"The precious yellow metal was traded at Rs 23,835 per 10 gram this Friday," said Nepal Gold and Silver Dealers' Association (NEGOSIDA).
Though the international market has not wirnessed the record price hike in the international market like last July the domestic market witnessed a whopping gain this week, hitting the transaction of the gold.
"Last July, when gold touched a historic high of $1000 per ounce in the international market, the Nepali rupee was at Rs 62 per dollar. But on Friday, the Nepali rupees was at Rs 77.80 per dollar," said Tej Ratna Tej Ratna Shakya, president of NEGOSIDA.
"If the dollar gets strong -- which it is expected to due to US president Barack Obama's $787 stimulus plan --- gold price may come down," Shakya predicted. But the end to the bull run seems nowhere in the sight.
The escalating price hit the transaction of the precious yellow metal as the market across the country witnessed only four-five kilo gram transaction in a day.
On Sunday, gold opened at Rs 23,235 per 10 gram from last Friday's closing of Rs 23,150 per 10 gram. The price remained constant on Monday. On Tuesday it plunged by Rs 85 per 10 gram to Rs 23,150. However on Wednesday, the price shot up to Rs 23,320 per 10 gram -- Rs 27,200 per tola.
On Thursday, the domestic market observed yet another record price of gold at Rs 27,700 per tola -- a hike of Rs 500 in a single day. The precious yellow metal was traded at Rs 23,750 per 10 gram on Thursday.
On Friday, the precious yellow metal broke all past records to set a new record of Rs 27,800 per tola. "Gold was traded at Rs 23,835 per 10 gram on the last day of this week," said Shakya.
Meanwhile, silver also was on a roll the whole week. It was traded at Rs 328 per 10 gram on Sunday and remained constant on Monday. But on Tuesday today it was traded at Rs 330 per 10 gram (Rs 385 per tola). "It scaled a historic high of Rs 480 per tola last year, but due to recession in the industrial countries, the price of silver went down," Shakya added.
On Thursday, it again gained nine rupees to hop to Rs 339 per 10 gram. The domestic market this week closed at Rs 343 per 10 gram of silver on Friday.

Gold hits record

Gold jumped to a record high Rs 21,435 per 10 gram today — Rs 25,001 per tola (11.664 gram) — in the domestic market, a rise by Rs 600 per 10 gram in a day from yesterday's Rs 20,835.
"The price difference of Rs 600 per 10 gram (Rs 700 per tola) is also a record price hike in one day," said Tej Ratna Shakya, president of Nepal Gold and Silver Dealers' Association (NEGOSIDA).
The domestic market has been forced to bear the burnt of deepening woes in the global financial system that have triggered rampant safe-haven buying of gold and silver with gold testing above $1,030 per ounce in the international market today.
"Continuous weakening of dollar, rising crude price that hit $112 per barrel and economic slowdown in the US, have pushed the price of precious yellow metal up," Shakya added.
Even though Gold is in the midst of a mega bull run, the demand has been continuously rising in the largest gold consuming countries like India and China fuelling the price hike. If China realises its claim that it will buy 2,500 tonnes of gold, the gold prices might even go sky high, gold traders claimed.
"End of the wedding season for this Nepali year and the Constituent Assembly election by the end of this month may hurt the domestic gold market even more," he said, adding that though the price of precious yellow metal might come down as it has reached its peak.
In the international market also, gold prices reached its highest in 25 years, hitting $1,032.70 today as investors sought a safehaven against a backdrop of tumbling world stock markets, a falling dollar and record oil prices.
After hitting the high in early trade, gold eased back to $1,024.49 per ounce on the London Bullion Market.