Teej Pushes Gold Transaction Up

Despite increasing price, gold saw a remarkable increase in transactions this week due to the festive season -- Teej -- a major festival of women.

"The daily transaction of gold increased by 50 per cent to above 15 kg," said Tej Ratna Shakya, president of Nepal Gold and Silver Dealers' Association of Nepal (NEGOSIDA).

"Last year, this season observed around 10 kg daily transaction," he said adding that the price was higher by Rs 3,000 this year.

Gold currently is traded for Rs 28,100 per tola. According to Shakya, last year during the same period gold was traded for around Rs 25,000 per tola but this year it is hovering at around Rs 28,000. "Rising price has not hit the transaction locally," he added."Gold trading increased by 10 per cent in comparison to last year."

"Last Teej, per day gold transaction was around 10 kg, but this year it has increased to over 15 kg daily,"

said Shakya.

This week, gold opened at Rs 24,050 per 10 gram on Sunday. On Monday, it was priced at Rs 24,070 while on Tuesday and Wednesday, the gold price declined to Rs 24,005.

However on Thursday, gold gained Rs 85 and traded for Rs 24,090 per 10 gram, said NEGOSIDA.

Meanwhile, silver opened at Rs 377 per 10 gram on Sunday and the price remained constant till Wedenday. On Thursday, it was traded at Rs 374 per 10 gram.