KATHMANDU, March 7: The price of gold has hit a new record of Rs 82,500 per tola (11.664 grams) in the domestic market on Friday. 

According to the Federation of Nepal Gold Silver Dealers' Association (FENEGOSIDA), the yellow metal was traded at Rs 80,700 per tola on Thursday. The price of gold went up by Rs 1,800 in a single day.

As per the officials of FENEGOSIDA, the outbreak of coronavirus is the main reason behind the increase in price of gold. The price of gold has been steadily rising up from February 4.

According to Dharma Sundar Bajracharya, general secretary of FENEGOSIDA, investors are attracted to gold due to the outbreak of coronavirus. People of the United States and Europe are investing in gold. They consider investing in gold as a safe haven which has caused the price of gold 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.

 
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