Gold price on Tuesday jumped Rs1,000 per tola. The yellow metal was traded at Rs54,000 on Tuesday, against Rs53,000 on Monday.

Fenegosida President Mani Ratna Shakya said the surge in gold price in the international market influenced the local market. He said that gold demand currently stands at 50kg daily, while banks have been importing only 15kg a day.

According to Reuters, the price of gold in the international market increased $62 per ounce on Tuesday. The precious metal was transacted at $1,189.10 per ounce on

the day, up from $1,127.30 per ounce on the

previous day.

According to the international media, the gold price is on an upward trend due to the increased interest rate in the US market along with the slow growth rate in the employment there. “This has buoyed the risk-off sentiment that has boosted gold prices,” according to Reuters. (PR)