Gold prices rise sky-high
With the rise in prices, demand has dropped significantly.
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KATHMANDU, FEB 27 -
If you are planning to purchase gold for wedding purpose, then you are late. Now, you will have to increase your budget size.
The price of the precious yellow metal surged by Rs 580 per 10 gram on Friday compared to that of Sunday. The price was at Rs 33,950 per 10 gram on Sunday.
According to Tejratna Shakya, president of the Nepal Gold and Silver Dealers’ Association (NEGOSIDA), gold price has reached Rs 34,465 per 10 gram. Precious metals prices surged following political unrest in the Middle East and China’s efforts to control inflation.
On Friday, gold was traded at $1,406 per ounce in the international market.
In the domestic market, the yellow metal was traded at Rs 34,035 per 10 gram on Tuesday. The figure further climbed to Rs 34,230 later on the day. However, on Wednesday, the price slightly came down Rs 65 per 10 grams and remained constant at Rs 34,465 per 10 gram on Thursday and Friday.
Likewise, silver price also reached new highs in the domestic market last week. The price that was at Rs 776 per 10 gram on Sunday reached to Rs 905 per 10 gram on Friday. According to NEGOSIDA, silver price touched a new high of Rs 933 per 10 gram on Tuesday.
Silver price has almost doubled this year. Increase in silver price in the domestic market is because of international price rise, said the NEGOSIDA. “In the last fiscal year, a tola of silver used to cost Rs 500,” said Shakya.
With the rise in precious metals prices, their demand has dropped significantly, said NEGOSIDA. “During wedding seasons, demand for gold and silver used to rise almost two-fold,” said Shakya. “We have not witnessed such rise so far.”
During wedding seasons, demand for gold used to be 40-45 kg per day, added Shakya. However, the current demand stands at 25 to 30 kg per day.
Posted on: 2011-02-27 09:02
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