Gold price starts looking to new high
KATHMANDU, May 26:
On the back of stronger dollar against Nepali rupee, the precious yellow metal has once again scaled to its previous record high price of Rs 43,100 per tola (11.664 gram).
The gold today traded at Rs 43,100 for a tola. Silver also started to scale its old height in the domestic market. It was traded for Rs 1,055 per tola today.
The gold price reached Rs 43,100 in the domestic market on May 1, along with silver that stood at Rs 1,350 — the highest price so far. Since then both the precious metals retreated.
The exchange rate for a dollar was fixed at Rs 72.05 in the domestic market.
However, from last week the metals have resumed their rally due to unfavourable reports regarding US and Eurozone economy and their probable debt crisis that has directed the investors once again to safe haven.
The price of gold crossed the threshold of $1,500 an ounce for the first time on April 20 due to fears over high inflation and weakened dollars that pushed the investors towards the metals.
The gold had reached $1,577 — an all-time high on May 2 — in the international commodities market.
According to the international commodities analyst, the price of gold advanced on weakness in the US dollar and on the back of a research report from Goldman Sachs recommending clients to ‘buy’ commodities.
The strengthening of US dollar against Nepali rupee also contributed to gold price once again reaching its peak today in the domestic market.
Source: THT
On the back of stronger dollar against Nepali rupee, the precious yellow metal has once again scaled to its previous record high price of Rs 43,100 per tola (11.664 gram).
The gold today traded at Rs 43,100 for a tola. Silver also started to scale its old height in the domestic market. It was traded for Rs 1,055 per tola today.
The gold price reached Rs 43,100 in the domestic market on May 1, along with silver that stood at Rs 1,350 — the highest price so far. Since then both the precious metals retreated.
The exchange rate for a dollar was fixed at Rs 72.05 in the domestic market.
However, from last week the metals have resumed their rally due to unfavourable reports regarding US and Eurozone economy and their probable debt crisis that has directed the investors once again to safe haven.
The price of gold crossed the threshold of $1,500 an ounce for the first time on April 20 due to fears over high inflation and weakened dollars that pushed the investors towards the metals.
The gold had reached $1,577 — an all-time high on May 2 — in the international commodities market.
According to the international commodities analyst, the price of gold advanced on weakness in the US dollar and on the back of a research report from Goldman Sachs recommending clients to ‘buy’ commodities.
The strengthening of US dollar against Nepali rupee also contributed to gold price once again reaching its peak today in the domestic market.
Source: THT
