Kathmandu, June 23
With fluctuations of prices of gold in the international market, its has gone down by about Rs. 800 per tola in the domestic market during this week.
However, the yellow metal’s price reached an all-time high in the domestic market on Tuesday (Rs. 57,700 per tola), its price kept decreasing in the local market due to the decrease in its price in the international market.
Gold was traded at Rs. 56,600 per tola in the domestic market on Friday this week, it was sold for Rs. 57,200 per tola on Sunday. The price of gold declined by Rs. 650 per tola this week as compared to last week.
The precious metal was traded at Rs. 57,100 per tola on Monday, Rs. 57,500 per tola on Wednesday and Rs. 57,500 per tola on Thursday in the domestic market.
According to Tej Ratna Shakya, president of the Nepal Gold and Silver Dealers’ Association (NEGOSIDA), the price of gold has been fluctuating and setting new records time and again in the domestic market due to the fluctuation of its prices in the international market.
He predicted said that the price of gold will reach Rs.60,000 per tola in the domestic bullion during this month (Ashadh).
The prices of gold have shown an upward trend this week because of the rise in its price in the international market and the devaluation of the Indian currency against the US, he added.
The gold price deceased by US$ 59 per ounce to US$ 1,565 per ounce in the international market over this week.
"If this trend continues, our bullion market will be hit hard even during this wedding season," he added.
The only concern of the gold traders is that their transactions could go down during the weeding time due to the price hike, he said.
The transaction of gold would go down by more than 25 per cent as compared the same month last year because the consumers have begun recycling their gold instead of purchasing new gold due to an unexpected increase in its price, he said.