Gold price posts highest ever growth
The price of gold increased drastically setting a new record in the local market thanks to increment of prices in international market and devaluation of Nepali currency as compared to US dollar.
The price of gold reached Rs.11,260 Sunday, compared to Rs.11,025 per ten grams last Sunday. The price of the precious yellow metal increased to USD 486 per ounce today from USD 484 per ounce.
According to Nepal Gold and Silver Entrepreneurs Association (NGSEA), this is first time in the history of Nepal that the precious yellow metal was traded at this level.
Talking to Nepalnews, Chairman of NGSEA Tej Ratna Shakya informed that devaluation of Nepalese currencies and rise in gold prices in international markets are the main reasons for price rise in local market.
He further said that as the local prices of gold is fixed on the basis of international prices, basically the US dollar, and as majority of gold is imported into the country through India, fluctuation in exchange rates of India also affects the bullion prices in the local market.
According to Shakya, there was no effect of the great festivals Dashain and Tihar in the bullion market. He further said that there is no rise in the sales as the marriage season is arriving.
Shakya did not see any prospect of fall in the gold prices in near future in the local market as there is no sign of improvement in exchange rate of Nepalese currencies despite the falling prices of oil in the international market.
Likewise the price of silver also posted a rise of 51 rupees on Sunday as compared to last Friday.
According to NGSEA, the price of precious white metal reached Rs.250 per ten grams from 199 per ten grams last Friday. nepalnews.com pb Nov 13 05
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