July 7 – Demand of fresh gold has declined by 75 per cent in the local market even in this wedding season.
The demand has been affected in the current wedding season due to the significant rise in the gold prices, said Tej Ratna Shakya, a gold trader and special member of Federation of Nepal Gold and Silver Dealers’ Association.
The demand of gold has stood around 10-12 kilo daily at present which was more than 45 per cent during the same period last year, he said, adding that the main reason behind the low demand of gold was price hike.
People are willing to sell their ornaments instead of buying new jewellries, he said.
“We, the traders, are worried about the decline in gold transaction in the wedding season. Traders are now willing to close their shop as the flow of jewellery sellers have been growing every day. But the sale of fresh gold is almost zero at some shops. Our business has been affected badly,” Shakya said.
According to him, around 25 kilograms of jewelleries is being sold per day by the consumers across the country at present which was only 5 kilogram daily in the normal period before increased gold prices.
“Due to increase the flow of consumers to sell their ornaments, the traders are started to call their consumers by giving time to buy their ornaments as the traders are not able to buy jewellery due to lack of fund,” he said.
Talking about the price, the price of gold has remained almost stable at Rs. 65,000 per tola in the local market this week, he said.
He, however, said that the price of gold will decrease by Rs. 500 per tola and trade at Rs.64,500 per tola on Sunday as international market was closed by declining its price.

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ECONOMY, english

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