KATHMANDU: Gold prices retreated by Rs 800 a tola (11.664 grams), today, after rising through the week in the domestic market.
Its price was fixed at Rs 52,000 a tola, which stood at Rs 52,800 yesterday. In the international bullion market, gold fell to $1,455 per troy ounce after HSBC cut its gold forecast for the coming years.
Moreover, the sudden cashing in on gold prices two weeks back has supposedly hit the safe haven appeal of the yellow metal and investors do not seem to be lured by gold at the moment.
Likewise, profit booking by investors on the eve of the US’ Federal Open Market Committee (FOMC) meeting and European Central Bank meeting also affected the price of gold. FOMC meeting will decide whether to cut back the Quantitative Easing programme and will help in gold prices further dwindling.
On April 16, the price of gold in the domestic market dropped to Rs 49,500 a tola. However, Nepali consumers were not able to take advantage of the drop as bullion traders decided to shut shop instead of selling gold jewellery at a lowered rate.
Following the closure of shops, on April 21, the Department of Commerce and Supply Management and Nepal Bureau of Standards and Metrology inspected jewellery shops in Kathmandu.
The inspection found that the weighing machines and quality of gold and silver
in many of the well-known shops were substandard.
However, gold traders affiliated to Nepal Gold, Silver, Gem and Jewellery Federation closed their shops to protest the inspection. They asked the government bodies to prepare a standard mechanism to regulate and inspect jewellery shops. They withdrew the strike on Friday after the government assured them of forming a task force to formulate regulation.
Source: The Himalayan Times, 3rd May 2013
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Its price was fixed at Rs 52,000 a tola, which stood at Rs 52,800 yesterday. In the international bullion market, gold fell to $1,455 per troy ounce after HSBC cut its gold forecast for the coming years.
Moreover, the sudden cashing in on gold prices two weeks back has supposedly hit the safe haven appeal of the yellow metal and investors do not seem to be lured by gold at the moment.
Likewise, profit booking by investors on the eve of the US’ Federal Open Market Committee (FOMC) meeting and European Central Bank meeting also affected the price of gold. FOMC meeting will decide whether to cut back the Quantitative Easing programme and will help in gold prices further dwindling.
On April 16, the price of gold in the domestic market dropped to Rs 49,500 a tola. However, Nepali consumers were not able to take advantage of the drop as bullion traders decided to shut shop instead of selling gold jewellery at a lowered rate.
Following the closure of shops, on April 21, the Department of Commerce and Supply Management and Nepal Bureau of Standards and Metrology inspected jewellery shops in Kathmandu.
The inspection found that the weighing machines and quality of gold and silver
in many of the well-known shops were substandard.
However, gold traders affiliated to Nepal Gold, Silver, Gem and Jewellery Federation closed their shops to protest the inspection. They asked the government bodies to prepare a standard mechanism to regulate and inspect jewellery shops. They withdrew the strike on Friday after the government assured them of forming a task force to formulate regulation.
Source: The Himalayan Times, 3rd May 2013
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