Gold traders withdraw protests
KATHMANDU, APR 27 -
Gold traders affiliated to the Nepal Gold, Silver, Gem and Jewellery Federation on Friday called of their protests against the government’s market monitoring drive after the latter assured that their demands will be addressed.
Most of the traders, who had shut their shops since Tuesday, opened their shops shortly after their meeting with Chief Secretary Lila Mani Poudel.
Ramesh Maharjan, president of the federation, said Poudel has assured them of forming a taskforce to devise a concrete working procedure for monitoring the bullion market. “The market monitoring process for commodities like rice and pulses and that for bullion cannot be same. We have called of our protests after the government assured us that it will come up with a concrete market monitoring policy,” he said.
Maharjan added the new monitoring procedure will carry specific guidelines of inspection for different items such as 24- and 22-carat gold , silver and diamond, among others.
Poudel told the Post that the taskforce will be formed within the next 15 days and will comprise representatives from ministries, departments and traders concerned. “The new working procedure will designate the minimum standards for monitoring of the bullion market,” he said.
Retailers aligned to the Federation of Nepal Gold and Silver Dealers Association (FENEGOSIDA), however, did not participate on the protest. “We also have reservations about the government’s market monitoring procedure, but we are yet to decide our move on the issue,” Manik Ratna Shakya, general secretary of FENEGOSIDA, said.
Earlier on Monday, a government team comprising officials from the Department of Commerce and Supply Management, Nepal Bureau of Standards and Metrology (NBSM) and the police had seized weighing machines from jewellery shops in Kathmandu and tested samples for quality of gold and silvers products.
As per the NBSM report, Shree Ganapati Jewellers and RB Diamonds were found using weighing machines without NBSM certification. As per the government provision, jewellery weighing machines should compulsorily be certified by the NBSM.
Both the jewellery shops are associated with the Nepal Gold, Silver, Gem and Jewellery Federation. Likewise, Tejmini Jewellers was found selling silverwares containing 7.07 percent cadmium and copper.
Price continues upward momentum
Gold price continued to rise in the domestic market, with the yellow metal getting costlier by Rs 860 per 10 gram on Friday. According to the Federation of Nepal Gold and Silver Dealers Association (FENEGOSIDA), gold traded at Rs 45,440 per 10gm (Rs 53,000 per tola) on Friday. “The price has started recovering globally and the impact is visible in domestic market,” Manik Ratna Shakya, general secretary of FENEGOSIDA, said. In the international market, the gold price was at $1,407 per pounce on Sunday, which increased to $1,474 an ounce on Friday. IN the domestic market, the price increased by Rs 2,150 per 10 gram over the period. On Sunday, gold was trading at Rs 43,295 per 10 gm. Ramesh Maharjan, president of Nepal Gold, Silver, Gem and Jewellery Federation, said the price is likely to move upward in the coming week. “The price of gold has started increasing in the international market mainly due to the increase in the demand in the Asian market fuelled by the whooping price drop,” Maharjan said. “Since physical buying is still high in the region, the price is bound to increase further.”
Source: The Kathmandu Post
