Gold price posts highest ever growth

October 9, 2005
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The prices of gold registered an all time high in the local market thanks to the soaring bullion prices in the international market.

The price of the precious yellow metal remained Rs.10950 per 10 grams today, which was traded at Rs.10,825 per 10 gram last week. This is the highest ever-recorded price in the domestic market.

Talking to Nepalnews, Chairperson of the Nepal Gold and Silver Entrepreneurs Association (NEGOSIDA) Tej Ratna Shakya said, “The uncertainty of the US economy in the aftermath of hurricanes Katrina and Rita had already pushed the gold price in the international market to a 17-year high in the previous weeks.”

“It will continue to play a lead role in determining the international prices in the coming days too,” he added.

The price of precious gold metal remained at USD 474.85 per ounce in the international market.

According to Shakya, the local bullion market is not touched by the festive season, due to the soaring prices of the precious yellow metal.

He added that soaring price of gold along with the flaring conflict of the country and low purchasing power of the people are the main reasons for the decline in sales.

According to Shakya the total consumption of gold in the local market is less than 20 kg a day, which was 30 to 35 kg in the year 1997-98.

Shakya did not see any prospect of fall in the gold prices in the near future.