Nepal Gold and Silver Dealers´ Association (Negosida) had fixed gold price at Rs 39,695 per 10 grams when the market opened for trading Sunday morning.[break]
It raised the price again in the afternoon by Rs 260 per 10 grams after Nepal Rastra Bank (NRB) refused to sell the yellow metal to gold dealers, citing closure of international bullion market.
Gold was traded at $1663.39 per troy ounce in the international bullion market on Friday.
“Suspension in supply of gold by the central bank created shortage in the market. It prompted us to revise gold price in the afternoon,” said Tej Ratna Shakya, president of Negosida.
NRB sells 15 kg of gold to traders every day.
Gold traders expect the price of yellow metal to rise further in the coming days due to uncertainty in international market. “If the price of gold continues to increase at this rate, it might cross Rs 50,000 per tola during the upcoming festive season,” Shakya told Republica.
According to Negosida, the price of gold has increased by more than 35 percent as compared to priced recorded during the first week of August, 2010. The yellow metal´s journey into uncharted territory has dropped daily demand for gold to less than 15 kg.
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