KATHMANDU, Dec 26: The price of gold increased by Rs 600 per tola (11.664 grams) and traded at Rs 72,800 per tola on Wednesday.
Gold was available for Rs 72,200 on Tuesday – a rise of Rs 300 per tola compared to Monday.
Gold price rises by Rs 800 per tola
According to jewelers, gold price has been increasing since July with some occasional falls. It climbed to record high of Rs 73,500 per tola on September 4.
Dharma Sundar Bajracharya, general secretary of Federation of Nepal Gold and Silver Dealers' Associations, said gold has become volatile since past months. "No one can predict whether the price will increase or decrease. Gold price will depend on US-China trade negotiations," he added.
Sudden spike in gold price this year affected jewelry business, according to the federation. Before July, gold price hovered around Rs 60,000 per tola. Jewelers say glittering gold is putting off potential buyers.
Gold worth around Rs 7 billion was traded during Tihar festival, jewelers say, adding that the sales figure is lower compared to last year.
Teej and Tihar festivals and wedding season is the peak time for gold sale in Nepal. But business was low even at peak time due to sudden rise in gold price, according to gold dealers.
