The gold market was cool during the Chinese New Year festival, resulting in a price slip. The domestic gold price has bounced back with the rise in global gold price and high demand, according to the gold market.
Additionally, the news of three per cent of tax to be levied on gold buyers in April prompted buyers to purchase more gold. The high demand increased the price, said the gold and jewellery shop owners.
The domestic gold fetched Ks882,000 per tical on 6th Feb and the price rose to a high of Ks900,000 on 9th Feb, whereas the gold price was US$1,224 per ounce on 6th Feb and soared to US$1,241 per ounce on 9thFeb.
With a small decline in the global gold price, the domestic gold price slipped to a low of around Ks886,000 per tical on the afternoon of 10th Feb.
The price slightly increased to Ks890,000 on 11th Feb and Ks890,800 on 12th Feb. And the domestic gold price dropped a bit for three straight days from 13th to 15th Feb. The rise in global gold price on 16th Feb affected the domestic gold price with over Ks895,000 per tical on 17th Feb.