Image for Representation.
KATHMANDU: At the advent of the wedding season after the new year 2079 BS started, raw gold is getting scarce in the market.
According to the Nepal Bankers’ Association (NBA), the supply of raw gold in the market has depleted during the main wedding season.
Following to the Nepal Rastra Bank (NRB) instructions to the banks not to open LC (Bank Guarantee of Commodity Import) on April 4, the import has become zero and now the stock of raw gold in the market has run out, said a senior officials in the association.
He informed that the country has not imported any gold for more than 11 days now.
“It has been 11 days since gold was imported. Until last Friday, there was a stockpile of 16 kg, the stock is cleared in a week now,” the source said.
According to the Federation of Nepali Gold and Silver Entrepreneurs Association (FNGSEA), the country used to dispatch around 5 kg gold out side the valley and used to mobilize five kg in the valley daily prior to the April 4 restriction.
Likewise, according to the Banker’s Association, 22 commercial banks used to import quota gold on a daily basis.
The Federation of Nepali Gold and Silver Entrepreneurs confirmed that there is a shortage of gold for making new jewelry in the market.
FNCCI General Secretary Dharmasundar Bajracharya said that the import of gold was halted after the NRB instructed the banks not to open LCs of gold and other commodities.
Earlier, stating that the foreign exchange reserves have decreased, the executive heads of the banks of the national banks of Nepal were called and verbally instructed not to issue LC (Bank Guarantee for import of goods).
Raw gold stock cleared in market, customers not to get new gold items unless they bring theirs
The price of the yellow metal has increased by Rs 500 per tola in the Nepali market today.
According to the Federation of Nepal Gold and Silver Dealers’ Association, the price of hallmark gold has been fixed at Rs 102,000 per tola.
The price of the yellow metal was traded at Rs 101,500 per tola on Wednesday. The price of gold was not determined on Thursday due to the holiday as it was the Nepali New Year.
Similarly, the price of worked gold is Rs 101,500 and silver Rs 1,415 per tola today.