Nepal Gold sheds Rs 800 per tola in one week
In early trade Thursday, gold became cheaper by Rs 200 per tola (11.664 grams) and was traded at Rs 58,300 per tola.
Gold prices in Nepal continued to be on the lower side as it shed around Rs 800 per tola after Christmas.
Nepal Gold and Silver Dealers Association (Negosida) attributed the drops mainly to global scenario amid looming fiscal crisis in the United States.
In early trade Thursday, gold became cheaper by Rs 200 per tola (11.664 grams) and was traded at Rs 58,300 per tola.
Negosida also attributed to cheap gold in the domestic market to the increasing value of euro against major currencies that has attracted investors toward it and moved temporarily away from gold.
Analysts said gold traders in Nepal were hopeful that the decline in price would raise demand for the yellow metal in the market.
But the demand, which dropped after the wedding season concluded in mid-December, has not yet increased.
They added that people who are planning to get married in January and February are holding their money in anticipation of further price drop.
As the wedding season approaches, the demand of gold increases but due to the limited supply it makes the trader's difficult to fulfill the demand as per the demand of customers.
According to Negosida, daily demand for gold had jumped to 40 kg during the recently concluded wedding season.
The demand has now dropped to 20-25 kg a day. The price of silver has also dropped by Rs 35 per tola in Nepal. Silver was traded at Rs 1,095 per tola on Thursday.
From : Google
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