Gold at record high
KATHMANDU, SEP 16, 2012
Gold reached yet another record at Rs 61,760 per tola (11.664 grams) as US Federal Reserve (Fed) announced its monetary stimulus package.
The price of gold shot up worldwide to $ 1770 per troy ounce after the Fed revealed plans to purchase $ 40 billion worth of mortgage-backed securities per month until it sees substantial improvement in the employment picture.
The price of gold had been rallying for the last two weeks in expectation of another round of quantitative easing. The bond buying by the Fed will increase money supply to keep interest rates at near zero level possibly leading to inflation.
Silver also reached Rs 1,040 per tola in the domestic market.
Source: THT
Gold reached yet another record at Rs 61,760 per tola (11.664 grams) as US Federal Reserve (Fed) announced its monetary stimulus package.
The price of gold shot up worldwide to $ 1770 per troy ounce after the Fed revealed plans to purchase $ 40 billion worth of mortgage-backed securities per month until it sees substantial improvement in the employment picture.
The price of gold had been rallying for the last two weeks in expectation of another round of quantitative easing. The bond buying by the Fed will increase money supply to keep interest rates at near zero level possibly leading to inflation.
Silver also reached Rs 1,040 per tola in the domestic market.
Source: THT
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