Exponental rise in gold price causing slowdown in bullion market

KATHMANDU, ARIL 9: The gold price has increased by Rs 100 per tola today in the domestic billion market. Fine gold is being traded at Rs 136,300 per tola while its price was set at Rs 136,200 per tola on Monday. Similarly, the price of standard gold stands at Rs 135,650 per tola today.

The market value of the yellow metal has been continuously hitting new highs in recent days. This, according to the Federation of Nepal Gold & Silver Dealers’ Association (FeNeGoSiDA), is discouraging potential customers from investing as much amount as before. “In previous  years, there used to be an upsurge in gold buying from the start of the third week of Chaitra Month ( the fourth week  of March ) because of the start of the wedding season in Baiskakh (Mid-April to Mid-May),” states Manik Ratna Shakya, President of the Association, adding,” Nevertheless, the case is not so this time this year with significantly lower volume of transactions.”

Previously, there used to be transactions of 35 kg of gold per day in/around the wedding time. Now, the volume of such transactions has gone down by 20 kg to 15 kg per day.

Talking to aarthiknews.com, Shakya said,”Currently, more customers are willing to sell their old gold jewelries than buying new ones.