Monday, August 22, 2011

Gold rally seems to continue, touches Rs 53,400 per tola in the domestic market

Propelled by the international market, gold today reached Rs 53,400 per tola (11.664 gram) in the domestic market.
In a month the precious yellow metal witnessed a growth of Rs 9,200 per tola as on Shrawan 5, gold was traded at Rs 42,200, according to Nepal Gold and Silver Dealers Association (Negosida). In the international market, gold hit a record high near $1,900 an ounce during today's trade as lingering fears of a fresh global recession caused dealers to snap up the precious metal regarded as a safe-haven investment.
It struck an all-time peak of $1,894.80 on the London Bullion Market, beating its high of $1,878.15 recorded last Friday. It stood at $1,880 in afternoon London deals.
The psychologically important mark is likely to be tested soon in the current market climate and is probably not a serious hurdle as uncertainty and nervousness are still high among market players.
Similarly, silver also touched Rs 1,265 per tola in the domestic market today.

Gold price
Shrawan — Rs 44,200
Bhadra — Rs 53,400

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