Gold price at over five-month high

Kathmandu February 4- Gold price surged to over a five-month high at Rs 51,700 per tola in the domestic market on Wednesday, in line with the bullion’s rally in international market.

The recent gains have been fuelled by safe-haven buying demand as falling oil prices and stocks spur investor jitters,The Wall Street Journal reported.

The prices of the precious metals in the domestic market are governed by the rates set in the international market.

Gold was traded at the level of August 25 in the domestic market yesterday. Like in the international market, the gold price had tumbled in the domestic market in anticipation of and following the US Federal Reserve’s rate hike.

The price of the precious yellow metal had slumped to as low as Rs 47,700 per tola on December 18.