Traders have termed the skyrocketing price of the yellow metal in recent days as an unnatural phenomenon seen in the market.
“This unnatural phenomenon can´t bring positive result in the market and it would not last for long,” Tej Ratna Shakya, president of Nepal Gold and Silver Dealers Association (NEGOSIDA), told myrepublica.com.
Shakya said weakening US dollar against rival currencies, concentration of 200 tons of gold recently sold by International Monitory Fund in India and increment of gold stock by Asian and European central banks in speculation of further hike were the major reasons that have been pushing gold prices to uncharted territory in international and domestic market.
Silver price also touched a new record of Rs 457 per 10 grams in domestic market on Sunday, breaking the previous record of Rs 450 per ten grams.
Despite ballooning price, traders said, the sales of gold have increased to about 10 kg per day from 5 kg per day a few days ago, thanks to the advent of wedding season which makes up a major chunk of annual gold sales.
“Sales of gold haven´t been affected to the extent that we previously expected on the back of rising gold prices,” Shakya added.
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