Gold price increases by Rs. 400 per tola

By A Staff Reporter Kathmandu, June 3: Gold price increased in the domestic bullion market on Thursday. The price of gold increased by Rs. 400 per tola in the local market on Thursday compared to its price on Wednesday.

Gold, which was traded at Rs. 97,200 per tola on Wednesday, was traded at Rs. 97,600 per tola on Thursday, according to the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA). 

Gold was traded at Rs. 98,000 per tola on Tuesday.

Likewise, the price of silver has also increased to Rs. 1,265 per tola today from Rs. 1,250 on Wednesday.

Gold trader and former president of FENEGOSIDA Tej Ratna Shakya said that the price of gold increased in the local market due to an increase in its price in the international market.

Gold price increased by USD 12 per ounce to USD 1,846 in the international market on Thursday, he said.

Gold price has been fluctuating in the international market for the last few weeks because of uncertainty of the market for investment, he said.

"Investors are waiting and watching for investment. Due to which the price of gold is going up and down,” he said.

Demand for gold has fallen in the local market this month as compared to last month, he said.

The demand for gold has dropped by almost 50 per cent at present, he said, adding that daily demand for gold was below 20 kg which was over 35 kg two weeks ago.

“With the decline in gold demand, the black-marketing of gold has also declined significantly,” he said.

Shakya said that the consumers had to pay additional Rs. 3,500 per tola until a week ago due to shortage of gold in the market.