Amid complaints that gold importers are arbitrarily fixing wholesale price of the yellow metal taking advantage of supply deficit in the market, the association urged importers to help normalize the domestic gold market. [break]
“I requested importers not to hide gold as the market is facing shortage of the yellow metal. They have expressed their readiness to cooperate with us by fixing reasonable price in a transparent manner and restoring normal supply of gold,” Tej Ratna Shakya, president of the association, said after the meeting with gold importers.
Traders were charging Rs 100 to Rs 150 more per 10 grams than normal price, citing high procurement cost. At present, around 20 traders are importing gold from overseas markets. According to sources, 11 traders have imported a total of 131 kg gold through hand carry over the week.
Gold prices have not changed in domestic market since Thursday, when the price was set at Rs 27,435 per 10 gram. However, the price of silver has continued to go down in the market for the last few days.
Silver was selling for Rs 425 per 10 gram in domestic market on Sunday. After touching an all time high of Rs 480 per 10 gram in domestic market on December 3 last year, silver prices have continued to dwindle for the last two months due to sharp drop in prices in international bullion market.
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