Gold at three month high in domestic market

Kathmandu January 27- Gold price hit a three-month high of Rs 50,900 per tola in the domestic market on Tuesday, as the precious metal has rallied in the international market.

Price of precious yellow metal has started to rise since last two weeks due to growing demand in Chinese market.

International media have reported that investors have begun shifting their investment in precious metals as worries over a slowing global economy have hit stocks and crude oil.

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

Gold price increased by Rs 600 per tola in a single day to be traded at Rs 50,900 a tola yesterday. The last time gold was traded at a similar rate in the domestic market was on October 29.

Gold price started to tumble then after, along with US Federal Reserve’s rate hike. Gold price had dropped to as low as Rs 47,700 per tola on December 18 before rebounding.