International price makes little less impact on domestic market
"Last festive season the price of the precious metal was around Rs 23,000 per tola, but it has gone up to more than Rs 6,000 and being traded at around Rs 29,800 per tola in the domestic market," said Tej Ratna Shakya, president of Nepal Gold and Silver Dealers' Association (NEGOSIDA).
Due to the regular fluctuation in the trading price of gold in the domestic market this festival season the transaction of gold has dropped down to below 10 kg per day, he said adding that the exchange rate of Nepali rupee vis-a-vis American dollar has saved the Nepali customers, otherwise the price would have already crossed Rs 30,000. "Today the gold price in the international market scaled another high of $1,053 per ounce, the domestic market is untouched," he said adding, "Thanks to the exchange rate between the dollar and Nepali rupee."
"On September 17, local market witnessed a record high of gold price at Rs 29,860 per tola due to $1,018 per ounce in the international market but this time around the domestic market remained untouched by the international price thanks to lower currency exchange rate," Shakya opined.
On September 17, the Nepali rupee vis-a-vis dollar was around Rs 77 but today it is Rs 74.30.
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