Gold hits Rs 47,580 per 10 gram
Useful Links
» A new way to read online, exact replica of your daily and magazine
» For all you tweety fans out there!
» Allows you to find only those news from any date you choose!
» Search any news/ articles by author/ category/ date/ keyword
KATHMANDU, DEC 01 -
Gold hit a fresh record reaching Rs 47,580 per 10 gm (Rs 55,497 per tola) in the local market on Wednesday, jumping Rs 470 per 10 gm overnight.
The yellow metal was traded at Rs 47,110 per 10 gm on Tuesday. Earlier on Nov 16, it had hit an all-time high of Rs 47,500 per 10 gm. Bullion traders said that the main reason behind gold’s rise was a devaluation of the Indian and Nepali rupees compared to the US dollar.
“A weak rupee and a rise in the price of gold by US$ 17 per ounce overnight in the international market pushed the price up in the domestic market,” said Tej Ratna Shakya, president of the Nepal Gold and Silver Dealers Association. He added that the price was based on US$ 1,723 per ounce, while the metal was traded at US$ 1,706 per once on Tuesday in the international market. On Wednesday, Nepal Rastra Bank set the exchange rate at Rs 83.75 per dollar. The fall in the Nepali rupee against the greenback is due to the sharp devaluation of the Indian rupee to which the Nepali rupee is pegged. This has led to a higher price of imports.
Even though gold witnessed a rise for multiple reasons, demand has not fallen. Traders said that demand had increased by 5 kg daily last week because of the wedding season. “Despite the rise in price, average consumption has increased to 30 kg daily from 25 kg daily two weeks ago,” said Shakya.
Posted on: 2011-12-01 08:48
Post Your Comment