By A Staff Reporter, Kathmandu, July 23: Price of the precious yellow metal set yet another new record on Thursday after it was traded at Rs. 94,500 per tola (11.66 grams) in the domestic bullion market.  It is the highest price of gold ever recorded in Nepal.

Gold was traded at Rs. 94,000 per tola in the domestic bullion market on Wednesday.

Similarly, price of silver increased by Rs. 10 per tola to Rs. 1,145 per tola on Thursday.

The significant increment in the gold price in the international market has contributed to the increase in its price in the local market, said Tej Ratna Shakya, a gold trader.

Gold price in the international market has increased by US$ 121 per ounce on a single day to US$ 1,868.70 per ounce.

Trade war between the USA and China was another reason behind the increase in gold price in the international market, he said.

The demand of gold in the international market has been growing over the last few months as the investors are encouraged to invest in gold instead of other sectors due to the COVD-19, he said.

Shakya said that the price of gold would increase in the local market because the trend of gold price in the international market was in an increasing trend.

Shakya said that the price of gold would reach Rs. 96,000 per tola in local market within a few days.

The demand of gold has almost nil in the local market due to its skyrocketing price in local market, he said.