KATHMANDU, JUNE 20 -
Gold price set yet another record on Tuesday as the yellow metal was traded at Rs 49,470 per 10 gm (Rs 57,700 per tola) in the local market. The gold price jumped by Rs 515 overnight.
Bullion traders said that the unexpected rise in price would decrease the demand. The price of gold has been increasing in the last few weeks due to two factors—depreciation of the Nepali rupee against US dollar and rise in gold price in the international market.
Gold was traded at US $ 1,628 per ounce in the international market on Tuesday. “The exchange rate increased by Re 1 to Rs 89.95 per dollar on Tuesday, pushing the metal price further up,” said Tej Ratna Shakya, president of the Nepal Gold and Silver Dealers’ Association
(Negosida). He said that gold dealers were reluctant to buy gold from banks due to slowdown in demand.
Currently, about half a dozen commercial banks including Nabil Bank, NIC Bank, Bank of Kathmandu and NMB Bank have more than 200 kg gold in stock. The banks have not imported gold since the last three weeks owing to low demand.
According to Rajendra Shakya of Gahana Garden, only those customers who need gold for wedding purpose are buying in limited quantity. “Unlike during a wedding season when we used to sell upto 15 tolas a day, the daily sales has come down to six tolas these days,” lamented Shakya.
Source : Ekantipur.com
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