Gold sets new record of Rs 77,100

Published On: February 20, 2020 10:38 AM NPT By: Republica  | @RepublicaNepal

KATHMANDU, Feb 20: The price of gold has hit a new record of Rs 77,100 per tola (11.664 grams) in the domestic market on Wednesday.

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 400 per tola in a day. The yellow metal was traded at Rs 76,700 per tola on Tuesday.

According to the officials of FENEGOSIDA, people of Europe and the US are investing in gold which caused the price to go up. Although, they had expected the gold price to go down due to the recent outbreak of coronavirus but it seems that 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 season and wedding season had given them some ray of hope, business has been low throughout the year.

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