By A Staff Reporter,Kathmandu, July 18: Gold price has set a new record in the domestic market on Wednesday.  According to the Federation of Nepal Gold and Silver Dealers' Association (FENEGOSIDA), the gold price increased by Rs. 2,000 per tola on Wednesday and was traded at Rs. 149,800 per tola today. 

This is the record high price in the local market.

The gold price has set new record every day in the local market for the past few days. A tola of gold was traded at Rs. 147,800 per tola in the local market on Tuesday.

Similarly, the price of silver has increased by Rs. 20 per tola to Rs. 1,895 in the local market.

A significant increment in the gold price in the international market has contributed to the increase in its price in the local market for the last few days and set one record after another in the local market, said Tej Ratna Shakya, a gold trader.

The price of gold has again set a new record in the international market, he said.

On Wednesday, the price of gold reached 2,471 US dollars per ounce in the international market, he said.  

Gold price has increased by USD 44 per ounce on Wednesday as compared to Tuesday's price.

"Gold, which has set a new record in the international market, has also set a record price in the Nepali market. Prices in Nepal are adjusted according to the international market," said Shakya.

The main reason behind the increase in the price of gold in the international market is the fact that the Federal Reserve Bank of the United States of America is to cut interest rates. 

"Due to the decision of Federal Reserve Bank of US to cut interest rates, the investors are encouraged to invest in gold which led to increased demand for gold and its prices as well," said Shakya.

He said that looking at the significant increase in the price of gold in the international market, it is certain that the price of gold will exceed Rs. 150,000 per tola in the local market.