The price of the precious yellow metal hit a record high of Rs. 31, 035 per 10 gram last week with the price continuing upward trend for the last few weeks.
The gold price had hit a record high on Tuesday last week where as the high was Rs. 30, 910 per 10 gram the previous week.
As the price of the gold is fluctuating in the domestic market, it has seen downward trend in its price has since Thursday.
According to Tej Ratna Shakya, President of Gold and Silver Dealers’ Association (NEGOSIDA), the price of the gold has been fluctuating in the domestic market due to the deflation of the Indian currency against the US dollar.
The trend of increase in the price of gold is caused due to the financial crisis in the European countries, including Greek, Spain, Portugal and Hungary, Shakya added.
Shakya also opined that the price of the precious metal would increase further due to the financial crisis in those countries.
The price of the gold in the international market stood at US$ 1,237 per ounce on Tuesday last week while it stood at $ 1,221 per ounce on Sunday the previous week.
However, the price of the gold in the international market has decreased to US$ 1,218 per ounce on Friday with the fluctuation in the price gold.
The gold was traded at Rs. 30,565 per 10 grams, Rs. 30,780, Rs. 31,035, Rs. 31,035 and Rs. 30,900 and Rs. 30,525 on Sunday, Monday, Tuesday, Wednesday, Thursday and Friday, respectively. nepalnews.com
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