Gold price is likely to cross Rs. 100,000 per tola in domestic bullion market considering the ever increasing price of the precious yellow metal, gold traders said on Tuesday.
In the past 12 days, gold price has increased by Rs. 4,200 per tola. Gold price has increased by Rs. 1,200 per tola on Tuesday alone, while it increased by Rs. 1,500 per tola on Sunday.
Tej Ratna Shakya said, “The gold market price is more likely to cross Rs. 100,000 in coming weeks.”
Gold traded at Rs. 96,700 per tola on Tuesday while it was traded at Rs. 95,500 per tola on Monday. Gold was traded at Rs. 92,500 per tola on February 4, 2022. The price of gold has been soaring in the international market for the past weeks due to Ukraine-Russia row, he said.
“Investors in the international market are drawn to invest in gold for secure investment than in other things due to growing tension between Ukraine and Russia, resulting in an increase in gold price globally,” he said.
He said that price of gold has increased by USD 24 per ounce to USD 1,879 per ounce on Tuesday.
Similarly, the price of silver has also increased by Rs. 20 per tola and traded at Rs. 1,320 per tola on Tuesday.
Devaluation of Nepali currency against US dollar has also contributed to the increase of gold and silver prices in the domestic market over the days.
Likewise, today’s exchange rate of one US dollar reached Rs. 121.28
The demand for gold has fallen in the market due to the price increment, he said, adding that the daily gold transaction stood at 20 kilograms at present while it was 30 kgs till two weeks ago.
Analsying the present price hike of gold, gold price might break the earlier record set in Nepal.
The price of gold had reached a record high at Rs. 103,500 per tola in Nepal in August, 2020. After that, the price of the precious yellow metal had dropped to Rs. 88,200 per tola in February 2021.
Source : TRN,
