Weakening US dollar, recent purchase of 200 tons of gold by India and speculation of further rise in gold prices have continued to push gold prices toward uncharted territories in both domestic and international market, said Tej Ratna Shakya, president of Nepal Gold and Silver Dealers Association (NEGOSIDA).
Silver price also rose to a new peak of Rs 458 per 10 grams on Monday, up from Rs 457 a day set on Sunday´s trading.
However, skyrocketing gold prices have not deterred customers from purchasing the precious metal in this wedding season.
"Though the sales of gold have dropped by over 50 percent to 10 kg a day in the capital, the current sales volume is higher than what was recorded on the days before the beginning of the wedding season," Shakya added.
Gold hits record high
The price of gold soared to a record 1,164.85 US dollars an ounce in Hong Kong on Monday as dealers moved into the safe haven commodity due to the weak greenback, analysts said.
The precious metal was up from Friday´s close of 1,145.00-1,146.00 dollars as stocks on Wall Street suffered a third straight loss and as the US unit continues to struggle due to super-low interest rates.
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