The consumer price exceeded two lakhs
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The price of gold, also known as the yellow metal, has hit new highs on a daily basis. The economic and political upheaval in the international market has created a record in the price of gold. Its impact has also hit the domestic market.
The data of the Nepal Gold and Silver Traders Federation shows that the price has increased every day in Chait. The price of gold per tola on Chait 1 was Rs 1 lakh 74 thousand 500.
As of March 20, the price has increased to 180,300 rupees per tola. "But the market is volatile," said jeweler Tejaratna Shakya. When the federation set the price on Thursday (April 21), the price of gold per ounce in the international market was 3,148 US dollars. This price is the highest ever. According to this, the federation has fixed Rs 180 thousand 300 per tola for the domestic market. This price is also the highest in history.
Compared to Chait 19 and Chait 20, the gold tola decreased by 600 rupees. On Chait 19, per tola was Rs 1 lakh 79 thousand 700. 1 lakh 79 thousand 100 rupees was determined on Chait 20. Then on March 21, the price again set a record. "In the international market on March 20, per ounce was 3126 dollars. On Chait 21, the price increased to 3148 dollars, said Shakya.
On the one hand, the market is slow, while the customers who come are more sellers of gold than buyers. Although the federation set the price of gold per tola at 180,300 rupees on Thursday, the consumer price is more than 200,000 rupees. Because, the jeweler makes a profit while selling the jewelry. They fix the consumer price by adding 12 to 18 percent. Considering this as an average of 12 percent, one tola of gold jewelry costs an additional 21,636 rupees. And, when buying one tola of jewelry, the consumer has to pay 2 lakh 1 thousand 936 rupees. They claim that after the price of
jewelry set a new record daily, the general public came to sell rather than buy. "Jewelry prices are at an all-time high. It is not possible to estimate how much more it will increase or decrease. Even though the price has increased, there are more customers who sell than buy in jewelry shops," said Pawan Somani, vice president of the federation, "Gold jewelry that was bought in the past has started to come back to the market. 75 percent of consumers who come to the jewelry market will sell their old jewelry or exchange new jewelry for old ones.'
Federation has stated that it is determining the price based on the international market. Businessmen say that the economic and political conflict in the international market has affected the Nepali market. About 7,000 jewelers are affiliated to the Federation, but there are about 20,000 jewelers in all of Nepal. Everyone's situation is the same. There is a situation where you have to buy old jewelry rather than sell it,' said Somani.
