Gold price a year-low on Sunday in local market

KATHMANDU: The price of gold has decreased a year-low on Sunday, trading at 49,100 per tola, according to the Nepal Gold and Silver Dealers’ Association (NEGOSIDA). Earlier, the hallmark gold was traded at Rs 49,750 per tola.

The price of gold is gradually decreasing since the beginning of this April, thanks to strong status of the US Dollar. Generally, gold is regarded as the hedge against the US dollar.

However, the gold dealers’ are not very happy to sell their stock citing price down while the demand for gold is on the rise due to season for marriage in the Hindu society.

The gold was traded at Rs 62,000 per tola (the record high) in the local market on September 14, 2012.