Gold goes past Rs 43K a tola
KATHMANDU, 2 May:
The bullion prices have broken yet another record today as the gold price went past Rs 43,000 in the domestic market for a tola (11.664 gram).
The gold price reached Rs 43,098 in the domestic market today. Silver also stood at Rs 1,350 on Friday, the highest price so far. Both the precious metals have been breaking the record each passing day as the international commodity prices are skyrocketing. In the international market, spot gold was last quoted at $1,563.30 for an ounce and silver at $48.03 an ounce. The price of gold crossed the threshold of $1,500 an ounce for the first time on April 20 as the fears over high inflation and weakened dollars attracted investors to the safe-haven precious metals. The escalating gold price has not allowed the demand for the yellow metal to expand as much as it should have during this wedding season. “The demand has reached to 25 kilos daily from last month’s 20 kilos which is not significant in comparison to previous years,” said an office bearer of Nepal Gold and Silver Dealers’ Association (Negosida). “The buyers prefer to recycle old jewelleries than order new ones due to increased price,” he added.
He also informed that a part of increased demand can be attributed to speculative purpose as people are buying solid gold as an investment tool so that they can sell the gold later at higher rate.
Source: THT
The bullion prices have broken yet another record today as the gold price went past Rs 43,000 in the domestic market for a tola (11.664 gram).
The gold price reached Rs 43,098 in the domestic market today. Silver also stood at Rs 1,350 on Friday, the highest price so far. Both the precious metals have been breaking the record each passing day as the international commodity prices are skyrocketing. In the international market, spot gold was last quoted at $1,563.30 for an ounce and silver at $48.03 an ounce. The price of gold crossed the threshold of $1,500 an ounce for the first time on April 20 as the fears over high inflation and weakened dollars attracted investors to the safe-haven precious metals. The escalating gold price has not allowed the demand for the yellow metal to expand as much as it should have during this wedding season. “The demand has reached to 25 kilos daily from last month’s 20 kilos which is not significant in comparison to previous years,” said an office bearer of Nepal Gold and Silver Dealers’ Association (Negosida). “The buyers prefer to recycle old jewelleries than order new ones due to increased price,” he added.
He also informed that a part of increased demand can be attributed to speculative purpose as people are buying solid gold as an investment tool so that they can sell the gold later at higher rate.
Source: THT
