Nepal Gold and Silver Dealers Association (Negosida), the most influential member in the mechanism that used to set the bullion prices, said it should be given the right to fix gold and silver prices. [break]
Nepal Gems and Jewelry Association (NGJA) and Nepal Gold and Silver Artists Association (NGSAA), on the other hand, demanded that the mechanism should fix the prices.
"The guidelines could not be finalized because we could not reach consensus on some of its points," said Bijaya Tamrakar, general secretary of NGJA. Federation of Nepalese Chambers of Commerce and Industry (FNCCI) had prepared the guidelines for the mechanism and invited Negosida, NGJA and NGSAA for talks to finalize it.
Dispute among different associations dealing with gold and silver started after Nepal Rastra Bank (NRB) two weeks ago decided to authorize NGJA and NGSAA also to recommend quotas for purchase of gold from banks among members. Prior to that, Negosida was solely making such recommendations.
Failure of the associations to forge consensus, meanwhile, continued to leave the domestic gold market in confusion.
Negosida on Monday also reiterated that it will neither fix prices of gold and silver nor purchase gold from banks until the guidelines are not finalized.
However, NGJA and NGSAA said they are in a mood to continue fixing the prices of gold and silver and also purchase gold from banks even in the absence of guidelines.
NGJA and NGSAA although fixed the prices last week, they did not unveil any rates on Sunday and Monday in a bid to create positive environment for talks.
As a result, gold dealers fixed the prices arbitrarily on Sunday and Monday leaving consumers confused.
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