By A Staff Reporter

Kathmandu, Jan 6 : The price of gold has set yet another new record on Sunday in the local market.
The price of the precious yellow metal increased by 1,000 per tola on a single day on Sunday and reached Rs.75, 500 per tola (11.66 grams).
The gold price had climbed to Rs. 74,500 per tola on Friday.
With the significant increment in the gold price for the last couple of days, gold transaction has been zero in the market, Tej Ratna Shakya, a gold trader, told The Rising Nepal.
“The demand of gold is almost nil in the bullion market for the last two days when its prices increased significantly. So, we, the traders, are panicked after failing to receive fresh demand of gold,” he said.
“Not only fresh demand of gold is nil, the flow of consumers at the gold sops has not increased at present. I think that the consumers are in ‘wait and see’ mood on further increment of its price,” he said.
He said that the gold traders would not be in position to purchase jewelry from the consumers in the existing situation, when the sale of gold was nil.
The dispute between America and Iran has further contributed to the increase in gold price in the international market, and Nepali market was no exception, he said.
Earlier, the trade war between America and China had led to the rise of the gold price in the international market. The price of gold had reached Rs. 73,500 per tola on September 4, 2019, the highest rate of 2019.
The price increased to 1,553 USD per ounce in the international market today, he said, adding that present fluctuation of gold price in the international market showed that its price would further increase in the local market.
“Market observers said that the price of gold will cross USD 1,600 per ounce in the international market. If the price of gold crosses USD 1,600, the price of gold will reach around Rs. 78,000 per tola in the local market,” he said.
He said that devaluation of Nepali currency against the US dollar had also contributed to the high gold price in the local market.
The exchange rate of one US dollar reached Rs. 115.18 on Sunday from Rs. 114.75 on Friday.