KATHMANDU , SEP 02 -With the festive season around the corner, the price of gold has hit an all-time high on Sunday reaching at Rs 51,355 per 10 gm (Rs 59,900 per tola) in the local market. The gold price jumped by Rs 900 per tola today as compared to the price on Friday.
Nepal Gold and Silver Dealers' Association (NEGOSIDA) informed that the price of the yellow metal touched all-time high. Dinesh Ratna Shakya, Secretary of the association, attributed the ascending gold price to a weakening dollar and rise in the demand of the precious metal because of the nearing festive season. “Better investment option and slow economic recovery in the Euro zone has made the precious metal dearer,” said Shakya.
Shakya informed that the soaring price has pushed down the trading of the yellow metal in neighbouring countries India and China. He added that the market which used to consume up to 45 kilograms of gold per day, is now absorbing an average of 25 kilograms.
The price of gold in the domestic market is determined in line with the international trend. With the price remaining volatile in international market, its impact is reflected here.
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