According to Federation of Nepal Gold and Silver Dealers´ Association of Nepal, gold demand has increased to around 35 kg a day compared to average daily sales of 25 kg couple of months ago.
“Most of the traders have reported impressive rise in gold sales,” Mani Ratna Shakya, president of federation, told Republica. Shakya further added that gold sales increases during November-January due to demand from wedding shoppers. He also attributed rise in gold sales to drop in the price of yellow metal.
Gold sales generally increases during wedding season as gold jewelries are considered auspicious in Hindu weddings.
“People were in wait and watch mode since few months. As the price started to come down, they have started to invest on gold,” added Shakya.
Gold, which was priced at around Rs 56,000 per tola (11.664 grams) a few months ago, was traded at Rs 52,700 per tola on Tuesday.
Baban Kumar Agrawal, proprietor of Jai Mata Di Gold Palace, also said demand for gold jewelries started picking up from mid-November.
“Wedding season has already begun. Also people are investing on gold as they are optimistic about having political stability in the country with successful completion of the Constituent Assembly (CA) election,” Agrawal said.
Daily sales at Agrawal´s outlet has increased to around Rs 700,000 from average daily sales of Rs 300,000 couple of months ago.
Similar is the case with Shree Ridhi Sidhi Jewelers, Bishalbazaar. “Our daily sales has climbed to around 400 tolas. About a month ago, we were selling only around 60 tolas a day,” Narendra Kumar Gupta, proprietor of Shree Ridhi Sidhi Jewelers, said.
Bullion traders, however, said average daily sales at present is down by around 15 kg compared to the same period of last year.
“Average daily demand during the same period last year had reached 50 kg,” Shakya said.
Price down by Rs 1,000 per tola
Gold price went down to Rs 52,700 per tola on Tuesday compared to Rs 53,700 recorded on Monday.
According to Mani Ratna Shakya, president of the Federation of Nepal Gold and Silver Dealers´ Associations, price of gold decreased in the market as the price of yellow metal dropped in the international market itself.
“Price of gold declined to US $1,220.75 per troy ounce in the international market on Tuesday, compared to Monday´s price of US$ 1247.50 per troy ounce,” Shakya said.
Similarly, the price of silver went down by Rs 25 per tola to Rs 835 per tola on Tuesday.
-Republica
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