Gold crosses $1000 per ounce, but nepali market untouched.

Himalayan News Service
KATHMANDU: The international market witnessed a huge rise in the price of gold as it crossed $1000 per ounce in yesterday’s trading, but the domestic market did not observe any high.Traders opined that due to the lower exchange rate the price in the domestic market has not gone overboard — or hit a record — in comparison to the international price.“The exchange rate had affected the domestic bullion market last year but today the rate is at Rs 78 only,” said Nepal Gold and Silver Dealers’ Association (NEGOSIDA) president Tej Ratna Shakya adding that the exchange rate has helped the domestic market keep the gold price from rising.According to him, the exchange rate of dollar is Rs 78 today due to which there is not much hike in the gold price as was observed during the last record price on February 22 this year.That day, gold in the domestic market had touched a historic high of Rs 25,550 per 10 gram — Rs 29,800 per tola (11.66 gram) — due to weakening dollar. Then, the dollar exchange rate was Rs 82, though the international price of gold was only $992 per ounce.On July 16 last year, gold was traded at $1045 per ounce in the international market and in the domestic market the price of gold was only Rs 25,450 per tola as the exchange rate was Rs 62 per US dollar. According to the association, gold today was traded at Rs 25,380 per 10 gram — Rs 29,600 per tola — while silver was traded for Rs 422 per 10 gram.

Gold at $1000 per ounce
KATHMANDU: The gold price on September 8 broke the record ‘symbolic’ $1000.00 per ounce mark reaching $1004.50 on the 11 am London price fix and topping $1007 during the morning trading. Before early September, the highest 2009 price was on February 20 when gold fixed — in the afternoon — at $989 and it has been traded between $870 and $993. The rise translates to an annual increase of more than 21 per cent on the average price from last September that was $829.93 per ounce. The new high of $1000 per ounce record follows a sustained rise in price over the past seven years.