KATHMANDU, Sep 9: Gold price increased by Rs 1,135 per tola (11.664 grams) in the domestic market on Sunday, hitting a new record of Rs 61,119 per tola.
This time also traders have attributed the rise in gold price to soaring prices of precious metals in the international market.
Gold priced hovered at US$ 1,690 per troy ounce in the international market on Friday. It, however, increased by $45 and was traded at $1,735 per troy ounce on Saturday.
“As gold is not our product, we have to raise its price according to price fluctuation in the source markets,” Diyesh Ratna Shakya, secretary of Nepal Gold and Silver Dealers´ Association (Negosida), said. “Gold is glittering in the international market because investors are turning to safe haven due to persisting global economic slowdown.”
With the yellow metal fast going out of the reach of general customers, traders said average daily demand for gold has dropped to around 10 kg - almost half of average daily demand recorded a couple of weeks ago.
“In the past years, Nepali women used to buy gold jewelries ahead of the Teej festival. This is not the case now. Though the festival is just a few days away, our shops still wear deserted look,” said Sajni Chitarakar, sales executive of Shree Rudhi Jewellers at Bishal Bazaar.
Gold has become expensive by Rs 12,000 per tola over the past year.
Similarly, price of silver also increased by Rs 25 per tola on the day. Silver was traded at Rs 1,190 per tola on Sunday.