Kathmandu, Oct 23 . With the price of gold surging lately, the trade of gold has waned during this festival season in comparison to the last festival season.
The Federation of Nepal Gold and Silver Dealers’ Association shared that the sale of the yellow metal was recorded at 50 kilogrammes in a single day during last Dashain festival while only around 30 kilogrammes of this precious metal was sold in a daily basis this festival.
Last year, as Federation’s President Mani Ratna Shakya shared, there was a balance between the demand and supply of this yellow metal. This year, there is more supply than the demand.
The surge in price of gold is attributed to the rising value of US Dollar in the international market and the decreasing value of Nepali currency.
Furthermore, former President Shakya informed that there was 40 % fall in the purchase of gold ornaments and jewelry this Dashain compared to the last year.
Furthermore, craze for gold also seems to have waned among the consumers due to its rising price. Gold has hit a five-year high this festival and is priced at Rs 60,000 per tola in the domestic market while it was sold at Rs 54,000 per tola during the festival last year. One tola equals 11.66 grammes.