Gold was sold for Rs 31,295 per 10 grams or Rs 36,500 per tola (11.664 grams) on Thursday, up from Rs 31,250 per 10 grams on Wednesday.[break]
Tej Ratna Shakya, president of Nepal Gold and Silver Dealers´ Association (Negosida), said gold price continued to go up amid worsening supply of gold in the market on every passing day following the instruction of the instruction from Nepal Rastra Bank (NRB).
"Consumers are compelled to buy gold at higher prices as the government has encouraged black marketing of gold by restricting its flow in the market as per the demand," said Shakya.
Gold price has been fixed according to demand pressure from customers unlike during the previous days when price used to be fixed on the basis of price set by the gold importer banks.
He also objected to the move of NRB to stop supply of gold through banks to the dealers at a time when Negosida has been putting pressure on the government to double the supply from the existing 10 kg per day.
Eight banks designated by the NRB are importing and selling gold to the dealers on recommendation of Negosida.
Stating that gold floated in the market is being blackmarketed; the NRB had directed the importer banks to stop selling gold to dealers from Wednesday.
Recently announced monetary policy by NRB has also clearly stated that gold would be made available in the market as per the demand of market.
Gold price has gone up to US$ 1,229 per troy ounce on Thursday in international market, up from US$1,224.5 on Wednesday. Silver price also inched up to Rs 490 per 10 grams from Rs 489.
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