Nepal : Gold stable at Rs 55,200 per tola
Linkedin

Nepal : Gold stable at Rs 55,200 per tola

Kathmandu : Nepal | Nov 15, 2011 at 6:07 AM PST
By
XX XX
Views: Pending
 

Nepal Gold and Silver Dealers´ Association (Negosida) has kept gold price in the domestic market unchanged for the past three days despite the yellow metal losing $34 per troy ounce (31.103 grams) in the international market on Tuesday.

Gold was traded at Rs 55,200 (11.664 grams) per tola in the domestic market on Tuesday.

The price of yellow metal in the international market was hovering around $1768 per troy ounce on the day.

Officials of Negosida attributed upward revision in gold prices in the last week to instable US dollar, depreciation of Indian currency against US dollar, increase in prices of petroleum products and bearish stock markets.

“As the sovereign debt crisis that started with Iceland and Greece is threatening to spread across the globe, international investors are turning their focus on gold instead of fluctuating euro and dollar,” said Tej Ratna Shakya, president of Negosida.

Rise in gold price, meanwhile, has lowered the demand for the yellow metal in the domestic market.

According to gold dealers, daily demand has dropped to as low as 20 kg a day from as high as 45 kg a day recorded during the same period of last year.

They, however, are hopeful that sales would pick up once the wedding season starts.

Bikash is based in Kathmandu, Kathmandu, Nepal, and is a Reporter for Allvoices.
Report Credibility
 
  • Clear
  • Share:
  • Share
  • Clear
  • Clear
  • Clear
  • Clear
 
 
 
Advertisement
 

News Stories

 
  • Fundamental Precious Metals (2011-11-16)

      International Business Times
    Get the sources most relevant to you and access information as it happensfrom breaking forex news to updates from other traders. Sample Gold opened the session today in Asia at $1779.40 per ounce and recorded the highest at $1783.53 and the lowest at...
  • Gold gain as Europe debt woes spur investor demand

      The Economic Times
    Gold on Friday gained for the first time in three days as concern about Europe's debt crisis spurs demand for the metal as a protection of wealth. The gold rose USD 5.90, or 0.3 per cent, to USD 1,727.68 an ounce. Prices yesterday fell to USD 1,710.
  • Gold, silver prices fall on weak euro

      Merced Sun-Star
    The political instability in Europe caused the euro to fall against the dollar. That pulled down the price of gold because many traders buy gold as a way to protect themselves against a weak dollar. Gold for December delivery fell $9.70, or less than...
  • Gold Futures Stalled by Stronger U.S. Dollar

      International Business Times
    Text Size Gold futures settled lower Monday as a rally in the U.S. dollar kept a lid on precious metals. December 2011 delivery the most actively-traded contract closed lower by $9.70, or 0.5%, at $1,778.40 per ounce.  The yellow metal traded in a...
  • Corrections Underway 11/17/11

      International Business Times
    Text Size Stocks and commodities got hit today and there should be more to follow. Stocks, energies , Ag even metals were not spared as Risk OFF was the theme today. Crude failed to make it to higher ground as prices were rejected and the reversal...
  • What Will Happen to Greece if They Leave the Eurozone?

      International Business Times
    Get breaking news on precious metals and commentaries Sample The solution lies in the vigorous resuscitation of growth and re-capitalization of the banks and financial flows reaching the capillaries of the financial body of the Eurozone. But that...

Blogs

 >

More From Allvoices

Report Your News Got a similar story?
Add it to the network!

Or add related content to this report



Use of this site is governed by our Terms of Use Agreement and Privacy Policy.

© Allvoices, Inc. 2008-2014. All rights reserved. Powered by PulsePoint.