KATHMANDU, March 11: The price of gold has hit a new record of Rs 82,700 per tola (11.664 grams) in the domestic market on Tuesday.
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 200 per tola. The yellow metal was traded at Rs 82,500 per tola on Monday.
According to the officials of FENEGOSIDA, people of Europe and the United States are investing in gold which has caused the price to go up. Although, they had expected that the gold price to decline due to the outbreak of coronavirus, it seems that the investors are taking 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.