Gold sets yet another record, trading at Rs. 230,600 per tola

By A Staff Reporter,Kathmandu, Oct. 6: Gold price has set a new record in the domestic market on Sunday.  

According to the Federation of Nepal Gold and Silver Dealers' Association (FENEGOSIDA), the gold price reached at Rs. 230,600 per tola in the local bullion market on Sunday.

The price of gold, which was Rs. 223,200 per tola on September 28, increased by Rs. 7,400 in a single day on Sunday. This is the record high price in the local market.

The FENEGOSIDA did not fix the gold price in the local market since September 29 due to the Dashain holiday.

Similarly, the price of silver has increased by Rs. 120 per tola to Rs. 2,930 in the local market within a week. This is also record high price in the local market.

A significant increment in the gold price in the international market has contributed to the increase in its price in the local market for the last few couple of weeks  and set one record after another in the local market, said Tej Ratna Shakya, a gold trader.

The price of gold has again set a new record in the international market, he said.

On Sunday, the price of gold reached 3,887 US dollars per ounce in the international market, he said.  

Gold price has increased by USD 127 per ounce on Sunday during the last one week.

"Gold, which has set a new record in the international market, has also set a record price in the Nepali market. Prices in Nepal are adjusted according to the international market," said Shakya.

He said that the price of gold is expected to increase further in the international market, which will also lead to an increase in the price in the local market.

He said that if the international price continues its upward trend and crosses USD 4,000 per ounce, the price in Nepal is likely to surpass Rs. 240,000 per tola in the coming week.