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Gold Becomes Dearer With All-time-high Price

  1 min 7 sec to read

The price of gold reached a historical high last Wednesday in the domestic market. The yellow metal witnessed a new record of Rs 63,300 per tola. The price was increased by Rs 3,400 in a single day, while the bullion price in the international market increased by $28 per ounce. According to the Nepal Gold and Silver Dealers’ Association (NEGOSIDA), the increased amount in a single day is also the highest record so far.
 
The highest record of the gold prior to this was on December 2 last year when it was traded on Rs 61, 850. The price then went down gradually and reached its lowest in two years on June 24 this year.  
 
The price of gold that surged abruptly last Wednesday eventually slumped last Thursday and Friday. Gold was traded at Rs 62,200 and Rs 61,200 on Thursday and Friday, respectively. Experts attribute the devaluation of local currency against the US dollar to the rise of bullion price. Similarly, the possibility of attack on Syria by the America is also to be blamed for the sudden rise of gold prices in the domestic market. Some say the customers are investing in the gold with the belief that the dollar would start depreciating after the continuous rise in the value which has helped to raise its price.

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