KATHMANDU, Feb 22: The price of gold has hit a new record of Rs 78,100 per tola (11.664 grams) in the domestic market on Friday. According to the Federation of Nepal Gold and Silver Dealers' Association (FENEGOSIDA), which fixes the price of the yellow metal in the local market, gold price went up by Rs 500 per tola in a day. The yellow metal was traded at Rs 77, 600 per tola on Thursday.
According to the officials of FENEGOSIDA, investors in Europe and the US are investing in gold which has caused the gold price to go up.
The price of gold has been rising steadily in the domestic market since July, 2019, with occasional drops. Gold dealers say that the increasing price has affected their business in this fiscal year. Though festive seasons and wedding seasons had given them some ray of hope, business was low throughout the year.
As per the experts, the price of gold may even go higher. The price of gold has been rising steadily up this week from Tuesday. It has been increasing continuously for four days.