KATHMANDU, NOV 26, 2012
The price of gold jumped by Rs 1,000 on a single day’s trading, pushing its price to another high in the domestic market.
Gold reached another record at Rs 61,850 per tola (11.664 grams) today. It had hit Rs 61,760 per tola in early September, following the US Federal Reserve’s announcement of a monetary stimulus package.
“The dollar has become weak which has led to an increase in gold price even here,” pointed out president of Nepal Gold and Silver Dealers’ Association Tej Ratna Shakya.
The increased gold price has also been fuelled by the ongoing gold shortage in the market. “We have requested authorities to increase the import quota of gold from 15 kg per day but so far nothing has been done,” he said. According to bullion traders, at present, daily demand for gold is as high as 35 kg per day.
Price of gold crossed $1,745 in the international commodities market after the dollar index fell against a basket of other currencies. The weaker dollar propelled investor confidence in gold.
Moreover, central banks worldwide are purchasing more and more gold which has shot the demand up even among smaller investors.
The central banks that have been buying gold in recent years include Russia, Mexico, South Korea, Thailand, India, China and lately Brazil.
Source: THT
The price of gold jumped by Rs 1,000 on a single day’s trading, pushing its price to another high in the domestic market.
Gold reached another record at Rs 61,850 per tola (11.664 grams) today. It had hit Rs 61,760 per tola in early September, following the US Federal Reserve’s announcement of a monetary stimulus package.
“The dollar has become weak which has led to an increase in gold price even here,” pointed out president of Nepal Gold and Silver Dealers’ Association Tej Ratna Shakya.
The increased gold price has also been fuelled by the ongoing gold shortage in the market. “We have requested authorities to increase the import quota of gold from 15 kg per day but so far nothing has been done,” he said. According to bullion traders, at present, daily demand for gold is as high as 35 kg per day.
Price of gold crossed $1,745 in the international commodities market after the dollar index fell against a basket of other currencies. The weaker dollar propelled investor confidence in gold.
Moreover, central banks worldwide are purchasing more and more gold which has shot the demand up even among smaller investors.
The central banks that have been buying gold in recent years include Russia, Mexico, South Korea, Thailand, India, China and lately Brazil.
Source: THT
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