Gold price sets a new record of Rs 78,800

Published On: February 24, 2020 11:50 AM NPT By: Republica  | @RepublicaNepal

KATHMANDU, Feb 24: The price of gold has hit a new record of Rs 78,800 per tola (11.664 grams) in the domestic market on Sunday.

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 700 per tola in a day. The yellow metal was traded at Rs 78, 100 per tola on Friday.

According to the officials of FENEGOSIDA, people of Europe and the US are investing in gold which has caused the price to go up. Although, they had expected the gold price to go down due to the recent outbreak of coronavirus, investors are looking at gold as a safe investment.

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 and wedding seasons had given them some ray of hope, business was low throughout the year.

As per experts, the price of gold may even go higher than the current price. The price of gold has been rising steadily up from Tuesday of last week.

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