Price of gold hits a new peak

Kathmandu, January 6: With a rise of Rs 1,000 per tola, the price of gold has hit a new peak of Rs 76,000 per tola today. On Sunday, the yellow metal was traded Rs 75,000 per tola in the Nepali market.  Such a steep price rise is attributed to the current escalation of the conflict between the US and Iran.

The unpredictable fluctuations in the price of gold and a resultant downturn in the number of its buyers seem to have spooked the bullion traders. “Many customers have been shying away from making purchases of the gold because of the soaring price.  This is severely affecting the bullion business.”

The daily demand for gold during the peak season of a year would be around 50 kg. However, such demand now has fallen in such season this year due to the exorbitant price.

In fact, the price of gold has been rising continuously in the domestic market since last June. That time its price jumped to  Rs 59,500 per tola because of the trade tensions between the US and China and a hike in Nepali import duty by Rs800 per 10 gm. The yellow metal was traded at Rs 73,500 per tola on September 4 and December 31 last year.

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