Himalayan News Service
KATHMANDU: Silver has hit new records in the domestic market today as it was traded at Rs 573.50 per tola (11.664 gram).
“Recent increase in customs duty to Rs 16 per 10 gram from Rs 3 coupled by the hike in the international price has propelled the price of silver in the domestic market,” said Tej Ratna Shakya, president of Nepal Gold and Silver Dealers Asociation (NEGOSIDA).
Due to the increase in price, the trade has taken a beating.
“The daily demand for silver is over 30 kg,” he said adding that the price hike has brough it down to around 25 kg.
The increase in price will not only hurt the trading but also the silver jewellery export. “The exports will also be hit due to price hike,” Shakya added.
In the international market silver was traded for $19.20 per ounce.
Historically, silver has always produced a greater per cent increase in bull markets, sometimes increasing two to three times the initial price.
Silver prices hit a low
of $8.79 just 14 months
before jump-starting in 2010, closing the first week at $18.45. This is a 9.7 per cent climb in the first week, and 110 per cent in 14 months. In the long-term, silver investments have yielded a 9.1 per cent annual appreciation since 1991, and a 123 per cent gain
in the last five years. And, silver prices are only going to rise.
Similarly, gold has also hit the new record high of $1,257 per ounce in the international market, though the domestic market did not feel the heat due to a stronger Indian rupee against the dollar.
Today in the domestic market, the precious yellow metal was traded at Rs 31,000 per 10 gram.
On June 2, gold following on the upward path had hit another record high of Rs 30,910 per 10 gram (Rs 36,050 per tola).
