Spurred by ever-weakening US dollar against other key currencies and the recent purchase of 200 tons of gold by Reserve Bank of India, the yellow metal is becoming dearer day after day in both domestic and international market. Gold price touched an all time high of $1,174 per troy ounce in international market on Monday.
Local traders said the gold price would continue to go up in coming days as well amid speculation that the price would touch $2000 mark by the end of 2010. However, they said sales of gold has improved over the last one week with the beginning of wedding season -- the key season for gold transaction -- as compared to previous weeks.
“Though transaction of gold has increased to around 10 kg per day in the capital, it is almost half the quantity sold during the same season last year,” said Tej Ratna Shakya, president of Nepal Gold and Silver Dealers´ Association.
Silver price also set a new high of Rs 461.50 per 10 grams in domestic market on Sunday. Silver was selling at Rs 458 per 10 grams a day earlier.
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