With the global gold price turning upward, the domestic gold price reached a record high of Ks903,500 per tical on 27th February for the second time in four months, according to the local gold market.
The domestic gold price hit a record high of Ks903,500 per tical on 4th Oct 2016. With the global gold price rising as of 23rd February, the gold price rose to a high of above Ks895,000 per tical in the domestic market and it reached over Ks900,000 on the evening of 24th February. The domestic gold price remained on the rise, with the price of Ks902,400 on 25th February and Ks902,00 on 26th February. The gold price continued to soar to Ks903,500 on the afternoon of 27th February, it is learnt from local gold and jewellery merchants.
The global gold price rose against the decline in the US dollar index on 24th February, with a price of US$1,257 per ounce at closing time on 24th February. The gold price on 20th February was US$1,235 per ounce in the global market, whereas it jumped to US$1,258 on 27th February, it is learnt.