KATHMANDU, April 21: Citing shortage of gold in the market, some traders are charging customers as much as Rs 2,500 per tola higher than the price fixed by two umbrella bodies of gold jewelers. Besides, dual pricing on gold is also leaving consumers in confusion.
Though Federation of Nepal Gold and Silver Dealers´ Associations (FNGSDA) fixed gold price at Rs 50,500 per tola - a rise of Rs 500 per tola compared to Friday, some traders sold gold at as high as Rs 53,000 per tola. Nepal Gold, Silver, Gem and Jewelry Federation (NGSGJF), on the other hand, fixed gold price at Rs 50,400 per tola. Most of the traders charged the price fixed by FNGSDA as it is slightly higher than the rate fixed by the other federation.[break]
“We have received complaint that some jewelry outlets based in Bishal Bazaar area are charging Rs 1,500 to Rs 2,500 per tola higher than the fixed price citing gold shortage,” Shakya said, adding, “However, we have not been able to take any action against them as they have bought gold at higher price due to short supply of the yellow metal.”
Meanwhile, demand for gold has doubled in the market due to massive drop in prices last week and the advent of the wedding season. Shakya said daily demand for gold at present hovers around 60 kg, up from average daily demand for 30 kg. “As gold is regarded one of the safer investment tools, many people are thronging jewelry shops to invest on gold after prices dropped massively last week. Also, wedding shoppers are visiting jewelry shops in large numbers,” added Shakya.
Shakya predicts gold price to increase in the coming days as demand for the yellow metal has increased massively following steep fall in prices.
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