Gold price hit a new record of Rs 58,050 per tola (11.644 gm) in the Nepali market on Wednesday after its prices rallied in the international bullion market.
The precious yellow metal was traded at Rs 57,700 per tola in Nepali domestic market over the past three days, when its international price hovered around US $1,623 per troy ounce. But as gold rallied by $15 per troy ounce, dealers on Wednesday jacked up its rate by Rs 350 per tola, compared to the previous day.
Gold dealers say the yellow metal has been on a bull run in the domestic market after government raised customs duty on gold by Rs 800 per 10 grams to prevent illegal exports of gold to India. Before rise in duty, gold was cheaper in Nepal than in India.
The yellow metal had hit previous high of Rs 57,700 per tola on June 21, when gold was traded at $ 1,628 troy ounce in the international bullion market. Traders say gold price could touch Rs 60,000 per tola within a month if it continued its bull run in the international market.
