Nepal Gold and Silver Dealers´ Association (NEGOSIDA) attributed the rise to increased consumption of the yellow metal by India and China following downgrading of the US´ credit rating, as that exerted upward pressure on the global gold prices. [break]
The international price of the yellow hit a new high of US $ 1,791 -- higher than the previous day´s closing by around US $ 6 per troy ounce -- per troy ounce during early trading on Thursday.
After crossing over Rs 50,000 per tola last week, gold price was in a decreasing trend since last Friday.
“But prices have jumped up yet again with the increase in demand of the yellow metal in India and China,” Tej Ratna Shakya, president of NEGOSIDA told Republica.
Dealers complained that the upward spiral in the gold price has reduced daily transactions of gold to less than 25 percent.
During this season, NEGOSIDA says, the daily transactions should have crossed over 25 kgs, but due to skyrocketing prices, it has dropped to around 6 kgs.
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