Stating tha the demand for gold has soared in the market recently, Nepal Gold and Silver Dealers Association (Negosida) -- the umbrella organization of gold traders -- has demanded the Nepal Rastra Bank (NRB) increase supply of gold to 20 kg per day from the existing 10 kg per day. [break]
However, they fixed the price of gold and silver on Monday on behalf of the Gold and Silver Management Committee that jointly represents Negosida, Nepal Gems and Jewelry Association (NGJA) and Nepal Gold and Silver Artists Association (NGSAA).
According to Negosida, prices of gold and silver have been fixed at Rs 31,240 and Rs 497 per 10 grams on Thursday.
A joint meeting mediated by Federation of Nepalese Chambers of Commerce and Industries (FNCCI) on Wednesday, Negosida, NGJA and NGSAA had agreed to form a joint mechanism to fix the price and manage distribution of gold and silver in the market.
“We fixed the price of gold and silver on Thursday without applying any criteria. We will formulate specific criteria and guideline on Sunday to fix the prices,” said Tej Ratna Shakya, president of Negosida. Shakya said the gold market has badly suffered due to shortage of gold at a time when demand for gold has soared to at least 25 kg per day.
Gold and silver dealers had called for a five-day shut-down of their business from Wednesday after the agreement with other associations to form a mechanism to undertake the management of gold and silver in the market.
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