Gold trade picks up in domestic market

Kathmandu, April 21: The gold and silver trading has picked up recently in the domestic market, the Federation of Nepal Gold and Silver Dealers' Association said.

The increased transaction is attributed to the wedding and coming-of-age ritual season with the beginning of the Nepali New Year 2072 BS.

The Federation said that 15 kilos of gold is sold daily these days as against the trading of hardly five kilos gold last month.



Trade of the yellow metal is affected with the fluctuation in its price in the international market due to various causes from time to time, the increase in the value of the US Dollar and the weak Nepali currency.

The Federation said only eight kilogrammes of gold used to be sold daily in January and February which is also wedding season.

Federation President Mani Ratna Shakya said that sometimes the trading is adversely affected due to the illegally imported gold that is sold at a cheaper price than the gold imported through the legal channel.

The price of gold in the local market today is Rs 51,600 per tola (10.3 grams) and that of silver Rs 695 per tola. RSS