KATHMANDU, NOV 08 - 2012
Gold price has increased by Rs 1,115 in three days, taking the yellow metal cost at Rs 51,185 per 10 gm (Rs 59,702 per tola) on Wednesday. Price started to go up from Tuesday due to price hike in international market, shortage in domestic market and rupee devaluation.
Despite the soaring price, demand has remained high for the nearing Tihar. The precious metal is hard to find at the price set by the Nepal Gold and Silver Dealers Association (Negosida) because of the shortage. “We are facing acute shortage of yellow metal in this best season of trading,” said Negosida President Tej Ratna Shakya. He said the government imposed limited supply system had encouraged some dealers to charge as much as Rs 1,000 extra per tola (11.664 gm) of gold.
On Sunday, gold was priced at Rs 50,070 per 10 gm by Negosida. Silver too has become dearer, going up by Rs 29 in three days to Rs 981 per 10 gm. Although price of gold and silver remained unchanged on Monday, the value of the yellow metal soared by Rs 515 per 10 gm on Tuesday before going up by Rs 600 on Wednesday.
Gold was traded at $ 1,723.40 per ounce, up by $38 per ounce on Tuesday’s price, in international market on Wednesday.
Considering the growing seasonal demand, Negosida has been putting pressure on the government to increase import quota. Last week, it demanded the central bank increase the current import quota of 15 kg a day to 35 kg. Shakya said that they had also urged the Nepal Bankers Association to release gold as per the central bank directives for gold dealers outside the Bagmati Zone. “Some commercial banks entrusted for gold trading are selling the precious metal going against provision set by the central bank,” said Shakya.
As per the central bank’s directive, commercial banks have to sell 6 kg of gold each day from Birantnagar, Birtamod, Janakpur, Birgunj, Bhairahawa, Pokhara, Nepalgunj and Dhangadi to local dealers on the recommendation of district level gold dealers association.
However, the banks’ failure to reach out to those cities, those dealers are forced to travel to the Capital to buy gold.
Source: The Kathmandu Post
Gold price has increased by Rs 1,115 in three days, taking the yellow metal cost at Rs 51,185 per 10 gm (Rs 59,702 per tola) on Wednesday. Price started to go up from Tuesday due to price hike in international market, shortage in domestic market and rupee devaluation.
Despite the soaring price, demand has remained high for the nearing Tihar. The precious metal is hard to find at the price set by the Nepal Gold and Silver Dealers Association (Negosida) because of the shortage. “We are facing acute shortage of yellow metal in this best season of trading,” said Negosida President Tej Ratna Shakya. He said the government imposed limited supply system had encouraged some dealers to charge as much as Rs 1,000 extra per tola (11.664 gm) of gold.
On Sunday, gold was priced at Rs 50,070 per 10 gm by Negosida. Silver too has become dearer, going up by Rs 29 in three days to Rs 981 per 10 gm. Although price of gold and silver remained unchanged on Monday, the value of the yellow metal soared by Rs 515 per 10 gm on Tuesday before going up by Rs 600 on Wednesday.
Gold was traded at $ 1,723.40 per ounce, up by $38 per ounce on Tuesday’s price, in international market on Wednesday.
Considering the growing seasonal demand, Negosida has been putting pressure on the government to increase import quota. Last week, it demanded the central bank increase the current import quota of 15 kg a day to 35 kg. Shakya said that they had also urged the Nepal Bankers Association to release gold as per the central bank directives for gold dealers outside the Bagmati Zone. “Some commercial banks entrusted for gold trading are selling the precious metal going against provision set by the central bank,” said Shakya.
As per the central bank’s directive, commercial banks have to sell 6 kg of gold each day from Birantnagar, Birtamod, Janakpur, Birgunj, Bhairahawa, Pokhara, Nepalgunj and Dhangadi to local dealers on the recommendation of district level gold dealers association.
However, the banks’ failure to reach out to those cities, those dealers are forced to travel to the Capital to buy gold.
Source: The Kathmandu Post
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