KATHMANDU, June 14: Gold soared to an all time high of Rs 57,250 per tola (11.664 grams) in the domestic market on Thursday, gaining Rs 250 per tola overnight. With this the yellow metal broke the previous high of Rs 56,950 per tola recorded on Tuesday.
Officials of Nepal Gold and Service Dealers Association (Negosida) said they revised gold prices in line with the prices in international bullion market.
“We had to adjust prices because the yellow metal is rallying in the international market,” said Tej Ratna Shakya president of Negosida. He also said strengthening of US dollar vis-à-vis Nepali rupee was also making gold expensive in Nepal.
The yellow metal was traded at Rs 56,600 per tola in the domestic market on Friday when gold price was hovering around $1,565 per troy ounce in the international market.
International bullion prices of gold has reached to $ 1,600 per troy ounce on Thursday.
According to Parmod Shakya proprietor of Tejmin Jewelers at New road, price of the yellow metal is increasing because of rupee´s depreciation vis-à-vis US dollar.
“Along with this gold price has continued to increase in the domestic market after the government raised customs duty on gold by Rs 800 per 10 grams to prevent illegal export of gold to India,” said Shakya.
With rise in the price of the yellow metal volume of transaction has decreased, said Shakya, adding that sales would increase from mid-June when the wedding season would start.