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Gold price goes into stratosphere

KATHMANDU, NOV 25 -

Gold price on Sunday shot up by Rs 855 per 10gm on the strength of international gains and devaluation of rupee. The yellow metal was traded at Rs 53,025 per 10gm (Rs 61,850 per tola), setting a new record in the domestic market.

On Friday, the Nepal Gold and Silver Dealers’ Association (Negosida) had fixed the gold price at 52,170 per 10gm. Sunday’s price has broken the September 14 record of Rs 52,950 per 10 gm.

An increase in the precious metal affects many customers as the wedding season has started. Alongside gold, silver price has also increased by Rs 21 per 10 gm to Rs 1,050 per 10 gm (Rs 1,225 per tola).

According to Negosida, local pricing was based on Friday’s international closing price—gold $ 1,752 per ounce and silver $ 34.11 an ounce. Moreover, the increasing exchange rate of US dollar is also adding up to the price rise on the domestic front.

“The dollar exchange rate increased to Rs 89.15 per on Sunday compared to Friday’s Rs 88.15,” said Negosida President Tej Ratna Shakya. He said the price was likely to increase further at a time when customers were compelled to buy the precious metal paying extra bucks. Amid shortage, customers are buying gold by paying an additional sum of up to Rs 1,000 per tola, according to Negosida.

Since it is the best season for bullion trading, the gold demand in the local market is 30-40kg per day. Recently, bullion dealers had urged the central bank to immediately increase import quota from existing 15kg to 35kg a day.

Day    Gold per 10 gm    Silver per 10 gm

Nov 25    Rs 53,025    Rs 1,050

Sept 14    Rs 52,950    Rs 1,042

Sept 10    Rs 52,450    Rs 1,029

Sept 9    Rs 52,400    Rs 1,020

Sept 6    Rs 51,900    Rs 1,005

Sept 5    Rs 51,640    Rs 994.50

Sept 4    Rs 51,440    Rs 990

Sept 2    Rs 51,355    Rs 982

 

Posted on: 2012-11-26 09:37


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