Taking a cue from the international market, gold in the domestic market today hit Rs 21,350 per 10 gram — Rs 24,900 per tola (11.664 gram).
“The price rise is not due to local demand but due to international price rise,” said president of Nepal Gold and Silver Dealers’ Association (NEGOSIDA) Tej Ratna Shakya, who was today again selected president unanimously for a second term.
The price of gold once again is on a bullish path.
Earlier — on March 17 — gold had touched a historic high of Rs 25,000 per tola in the domestic market. “And the phenomenon may repeat itself,” he said adding that the rising international price has pushed the local price sky high despite low local demand.
In the international market, gold today hit $964.50 per ounce. The price of gold in the international market is rising even though the price of crude is also touching new highs by the day.
Gold is inching towards $1000 per ounce in the international market and the domestic market too is warming up.
The continuous rise in crude price, weakening greenback and the fall in international share markets have led to the hike in the global gold price.
In the domestic market, gold closed Rs 255 higher to Rs 21,090 per 10 gram on Friday from last week’s closing price of Rs 20,835.
Source: THT
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Monday, July 14, 2008
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