The price of yellow metal hit a new high of $1,700.1 per troy ounce during early trading in international bullion market on Monday, gaining $36 per troy ounce as compared to the price recorded on Friday. [break]
Gold became dearer by Rs 900 per tola in the domestic market on the day as compared to priced recorded on Monday.
Tej Ratna Shakya, president of Nepal Gold and Silver Dealers´ Association, said the yellow metal is marching to uncharted territories due to uncertainty in international market due to degradation of US credit rating. “Degradation of US credit rating has sent global stock into turmoil, forcing investors to shift to hard assets like gold. This ultimately raised demand for gold,” he added.
According to jewelers, rise in gold prices has caused the daily demand for gold to drop to less than 15 kg.
Price of silver also recorded a new high of Rs 977 per 10 grams in the domestic market on the day.
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