Gold price rises by Rs 800 per tola

Published On: December 5, 2019 12:01 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, Dec 5: The price of gold increased by Rs 800 on a single day to Rs 72,200 per tola (11.664 grams) on Wednesday.

According to Federation of Nepal Gold and Silver Dealers' Association, the yellow metal was traded at Rs 72,200 per tola on Wednesday compared to Tuesday's Rs 71,400. On September 5, gold had climbed to a record high of Rs 73,500.

Gold price has been rising since June. According to the federation, gold price has become volatile in the international market due to souring trade relations between China and the US.

Traders say sudden spike in gold price since June has affected their business. Surge in gold price put off many buyers during the festive season when gold demand hits peak, they added. They fear sales won't pick up even during the ongoing wedding season as gold price is not showing sign of correction.

According to officials of the federation, its members have not seen a surge in demand even during the ongoing wedding season as people are buying less gold due to its high price.

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