Now the daily import quota of gold is 25 kg, businessmen say-'As Tihar is approaching, we need at least 40 kg daily for 15 days'
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After the price of gold set a record day by day, common people have started increasing their investment in gold. Although gold jewelry is not sold, the demand for coins, beruwa rings, beruwa balas and simple chains has increased tremendously, say businessmen. According to jewelers, common people are trying to invest in gold because the investment environment in other sectors is not easy.
The price has increased continuously. Although the price has increased, it seems that they are trying to invest in rings and coins so that they can get a good price when selling. Even though we are not able to sell bulk gold, the sale of beruva rings has been good," said a jeweler, "There is no investment in other areas. That's why, like abroad, in Nepal, it seems that investors are trying to invest in gold.
As Tihar approaches, the demand for gold increases. Common people buy gold jewelry according to their ability. Recently, the price has increased unnaturally. According to the data of the Federation of Nepal Gold and Silver Traders, when the market opened after the public holiday of Dasain, the price of gold rose by 7,400 rupees to 230,600 rupees. After that, the price continued to rise and on October 23 (Thursday) it reached 239,200 rupees per kg. Although there is some correction in the price on October 24 (Friday), it is estimated that the market price will increase further. As a result, the common people are attracted to Dhikka rather than jewelry, say business people.
"Compared to Thursday, Friday dropped by 4,200 rupees and remained at 2,35,000 rupees per tola, but it seems that the price will increase further," said the businessman, "The price in the international market is decreasing. The Indian media is also saying that the price will increase, so that the common people tried to invest in gold bars.'
Federation's Senior Vice President Diyasaratna Shakya said that the demand for gold has increased as the price of gold has increased day by day. The jewelry has not been sold. Because after buying and selling jewelry, there is added risk, margin etc. But in the case of beruva rings, they cut only about 2 percent," said Senior Vice President Shakya, "After the price of gold reached 190,000 per tola, the price has increased continuously. There is also a market rumor that it will reach up to 3 lakh rupees. That's why investment in gold seems to have increased. According to the procedure of Rashtra Bank, gold bars cannot be sold. Instead of lumps, businessmen Beruwa has sold gold rings and other items. Because the wages for beruva rings are about 3/400 rupees. Jarti is also at most 3 lakhs. Businessmen deduct about 2 percent as risk margin when selling to the general public. "Due to the high demand for gold in the market, at the request of the Federation, the National Bank has increased the daily import quota by 5 kg to 25 kg," said Senior Vice President Shakya, "but the daily demand is around 40 kg." He said that after the increase in the price of gold, people also came to sell old jewelry. He said that about 28 percent of the demand is met by old jewelry.
As Tihar is approaching, daily sales are 40 kilos more. We asked the National Bank to make at least 35 kg," he said. Although not according to the demand of businessmen, the National Bank has increased 5 kg daily. "The daily amount of gold that can be imported has been fixed at 20 kg and 25 kg," said the National Bank. Only commercial banks can import gold in Nepal. Businessmen get the gold jewelry imported by the bank on the recommendation of businessmen's associations, federations, organizations. Jewelery expert Tejaratna Shakya said that although the increase in gold import quota during Tihar is positive, it is not urgently necessary in the current situation. 'Gold import quota It was like an unseasonable weapon. There is no sale of jewelry at increased prices. Only the demand for bulk gold is increasing. There is a demand for Beruwa rings,' he said, 'There are many people who are looking to buy 2/4 tola dhikka when there is a lot of noise from the Indian media. According to expert Shakya, banks have not imported gold since before Dasain. He alleges that the bank created a shortage and opened the way for middlemen to cheat.
The federation determines the price by considering the international market as 75 percent and the Indian market as 25 percent. The market price is determined by international market price, dollar exchange rate, customs rate and 1 percent profit (50 percent for banks and 50 percent for businessmen).
