“We had to close our shops because existing supply cannot meet demand in the market,” Nirmal Diyali, secretary of Negosida Kaski, said. [break]“The situation arose as people purchased huge quantity of gold when price of the yellow metal went down drastically a few weeks ago.”
Diyali further said they won´t return to business unless the government increases daily supply quota of gold.
According to Negosida Kaski, gold demand in the district currently hovers over 3 kg, while supply stands at mere 3 kg per week.
“This mismatch in demand and supply has created difficulties for us,” added Diyali.
Meanwhile, jewelers in Pokhara have submitted a memorandum to the government through Yadav Prasad Koirala, CDO of Kaski, to improve gold availability in the market.
Chandra Kishor Gautam, president of Negosida Kaski, said the weekly supply quota of 3 kg is sufficient for a day only. “Closing shops is not our wish, it´s a compulsion,” he added.
Shortage of gold has triggered different anomalies in the market, according to officials of the association. They said many traders are involved in illegal import of the yellow metal to make fast bucks.
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