Gold glitters at record high of Rs 153,300 per tola

KATHMANDU: Gold price climbed to a record high of Rs 153,300 per tola (11.664 grams) in the domestic market on Friday.

The Federation of Gold and Silver Dealer Association (Fenegosida), the authorized agency to fix bullion prices in the domestic market, raised the price of the yellow metal by Rs 1,300 per tola overnight.

Gold was traded at Rs 152,000 per tola on Thursday. The previous high of Rs 153,200 per tola was recorded on August 30.

The price of gold has increased in the international market as well. Since Nepal meets all its gold demand through imports, any change in price in the international market is reflected in the domestic market.

Gold prices rose to near one-week highs on Tuesday on the back of a weaker US dollar and lower yields after signs of the labor market losing steam led investors to expect a significant rate cut from the Federal Reserve this month, Reuters news agency said. “Spot gold was up 0.9% at $2,515.93 per ounce by 2:03 pm ET, rising as much as 1.1% earlier in the session. Prices slightly pared gains after the US services sector data,” it added.

The price of silver also increased to Rs 1,795 per tola in the domestic market on Friday.