Gold hits record Rs 40,725
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KATHMANDU, AUG 08 - Gold touched yet another record on Monday, trading at Rs 40,725 per 10 gm (Rs 47,502 per tola) in the domestic market. The price of the yellow metal in the international market reached more than US$ 1,700 per ounce.
Gold rose to Rs 2,745 per 10 gm in a week from Rs 37,980 last Monday. A slump in the international stock market and a weakened dollar resulting from the economic crisis in Europe and the US led to gold reaching all-time highs, said traders.
According to the Nepal Gold and Silver Dealers Association (NEGOSIDA), the yellow metal on Monday became dearer by Rs 730 per 10 gm compared to the price on Sunday. Last Friday, it traded at Rs 39,565 per 10 gm.
NEGOSIDA had to fix the price of gold twice in the local market last Wednesday and Sunday as the price fluctuated by more than US$ 10 in a single day in the international market. Gold dealers said that the daily rise in the price of gold had also pushed up demand for gold in the local market as investors flocked to buy it. The approaching Teej festival when sales of jewellery traditionally go up also led to heightened demand.
Posted on: 2011-08-08 09:24
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