E-Kantipur

KATHMANDU, AUG 04 -

Gold price touched a record high of Rs 39,440 per 10 gm (Rs 46,002 per tola) in the domestic market on Wednesday propped up by the international market price. The price recorded in the local market is up by Rs 1,115 per 10 gm compared to that on Tuesday.

With the yellow metal’s price fluctuating by over $ 35 per ounce a day in the international market, Nepal Gold and Silver Dealers Association had to fix the price twice on Wednesday. Earlier in the day at 11 am, the price was set at Rs 39,180 per 10 gm based on the international price of $1,658 per ounce, but later at 2 pm, with the metal price reaching $1,670 in the international market, the price was reset at Rs 39,440 in the local market.

“Since the gold price fluctuated by over $10 in a day, we had to fix the price twice,” said Tej Ratna Shakya, president of the association, adding that the price of the yellow metal increased to a historic high in the domestic market because of the price increment by over $40 overnight resulted by a slump in the international share market and weakening dollar.

Gold dealers said if the international share market does not improve, gold price would increase to as high as Rs 43,000 per 10 gm in the local market by the time of festivals - Dashain and Tihar. With festivals like Teej, Dashain and Tihar nearing, this is also the season when the demand for the yellow metal goes up.

Setting a new record, gold was traded at Rs 38,325 per 10 gm on Sunday. And on Monday the price had declined to Rs 37,980. The price again went up to Rs 38,325 on Tuesday. Commercial banks too increased the gold price to Rs 39,160 per 10 gm on Wednesday.

Posted on: 2011-08-04 12:07

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