KATHMANDU, Nov 3: Amid rising price due to weakening US dollar against Euro, gold price continued to go up in domestic market, touching a new high of Rs 25,980 per ten gram or Rs 30,293 per tola (11.66 gram) on Tuesday. Gold was traded at $1,064 per troy ounce in international market on Tuesday.
The price of precious yellow metal had touched a new record of Rs 25,735 per 10 gram in domestic market on October 14 with the price at New York COMEX House reaching $1,068 per troy ounce.
Tej Ratna Shakya, president of Nepal Gold and Silver Dealers´ Association (NEGOSIDA), attributed the rising gold prices to the depreciation of greenback against major rival currencies, including Euro. “
"Gold has become a hedge for investors due to weakening US doll”r," Shakya told myrepublica.com on Tuesday.
However, the price of silver -- another precious metal -- has remained stagnant at Rs 424.50 per 10 grams for the last few days. Silver touched a new high of Rs 443 per 10 gram in the domestic market on October 14.
The rising prices of precious metals have made negative impacts in domestic trading. According to Shakya, rising price has reduced down daily sales volume of gold to around 10 kg a day, which is fifty percent lower than the normal sales volume.
Skyrocketing price affected sales of gold during this Dashain and Tihar, the period when more than one-third of annual sales are recorded, according to traders.
