KATHMANDU, Aug 22: Gold price hit a new record of Rs 58,050 per tola (11.644 gm) in the domestic market on Wednesday after its prices rallied in the international bullion market.
The precious yellow metal was traded at Rs 57,700 per tola in the domestic market over the past three days, when its international price hovered around US $1,623 per troy ounce.
But as gold rallied by $15 per troy ounce, dealers on Wednesday jacked up its rate by Rs 350 per tola, compared to the previous day.
“The price rose in the domestic market because gold became expensive in the international market itself," Manik Ratna Shakya, vice president of Nepal Gold and Silver Dealers´ Association (Negosida) told Republica.
“Rupee´s depreciation vis-à-vis US dollar is the other factor that made gold expensive here.”
The rise in prices, however, did not deter the daily sales of the yellow metal, according to the traders. According to them, daily demand for gold has jumped to around 20 kg from around 15 kg recorded before in mid-August.
“Demand for gold increases during festive and wedding seasons. We are hopeful that rise in gold price will not affect our sales,” said Shakya.
Gold dealers say the yellow metal has been on a bull run in the domestic market after government raised customs duty on gold by Rs 800 per 10 grams to prevent illegal exports of gold to India. Before rise in duty, gold was cheaper in Nepal than in India.
The yellow metal had hit previous high of Rs 57,700 per tola on June 21, when gold was traded at $ 1,628 troy ounce in the international bullion market. Traders say gold price could touch Rs 60,000 per tola within a month if it continued its bull run in the international market.
Price of silver has also increased by Rs 15 per tola. On Wednesday, silver was traded at Rs 1,065 per tola.
No comments:
Post a Comment
thanks.