Gold crosses Rs 31,000 mark

KATHMANDU, Nov 5: Gold continued to set new high in domestic market for third consecutive day on Thursday as the precious yellow metal set a new record of Rs 26,665 per 10 grams or Rs 31,100 per tola (11.66 grams) in domestic market. Gold was traded at Rs 26,500 per 10 grams on Wednesday. [break]



Traders have attributed the soaring prices of gold in domestic market to strengthening rival currencies against US dollar that have been pushing the up gold prices in international market. Gold was traded at $1,089.1 per troy ounce in international market on Thursday, slightly down from a record $1095.4 on Wednesday.



“The rise in price of gold in local market reflects the skyrocketing price of gold in international market amid weakening greenback against other major currencies,” said Tej Ratna Shakya, president of Nepal Gold and Silver Dealers Association (NEGOSIDA), told myrepublica.com on Thursday.



Shakya also informed that the sales of 200 tons of gold by International Monitory Fund (IMF) to India brought negative impact in international market as the new release of gold concentrated only in India and not distributed in major gold markets.



Similarly, price of silver recorded marginal increment of Rs 2 per 10 to Rs 439 on Thursday. Silver price touched an all time high of Rs 443 per 10 grams in domestic market on October 14.

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