Tej Ratna Shakya, president of Nepal Gold and Silver Dealers´ Association (Negosida), said the Venezuelan government´s plan of withdrawing its gold held at American and European banks caused the price to increase in the international market, making the yellow metal dearer in the domestic market.[break]
“Besides, increased consumption of gold in India and China following downgrading of US´ credit rating is the other reason behind rise in gold prices,” added Shakya.
The yellow metal has become dearer by Rs 3,000 per tola in the domestic market in a week´s span. Continuous surge in gold prices, meanwhile, has caused daily transaction of gold to drop by more than 25 percent.
The price of silver, too, increased by Rs 47 per 10 grams to Rs 1054.5 per 10 grams on Sunday.
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