By A Staff Reporter
Kathmandu, Dec. 28: The price of gold has soared in the local market lately.
Owing to the increase in the prices of gold in the international market, the price of gold has increased by 1,700 per tola (11.663 grams) within a week.
The price of precious yellow metal, Friday, reached the highest in the three months as it traded at Rs. 73,300 per tola. Gold traded at Rs. 71,600 per tola on Sunday.
It had traded at Rs. 73,500 per tola in August, 2019 which was highest ever price in local market.
According to special member of Federation of Nepal Gold and Silver Dealers’ Association and gold trader Tej Ratna Shakya, increase in its prices in the international and improvement in the exchange rate of dollar are major reason behind to increase its price significantly in the local market.
Besides, issue of trade war between the China and America caused gold price to increase in the international market significantly, he said.
With an increase of US dollar 34 per ounce, gold traded at US dollar 1,513 per ounce on Friday.
The continued increment in the prices of gold in the international market showed that gold price may further increase and is likely to break the earlier record high of 73,500 per tola, soon.
“We, the traders, are worried about the decline in gold transaction in the coming wedding season as the traders are waiting the season to boost their business. But our business has been affected badly,” Shakya said.
He said that significant increment gold price has affected its demand as the demand of gold is below 15 kilograms a day.