KATHMANDU, April 28: Nepal Gold and Silver Dealers Association (Negosida) has resumed issuing recommendations to its members to purchase gold after importing banks Wednesday agreed to fix reasonable wholesale prices.
Wholesale trading of the yellow metal had come to a standstill from Sunday due to dispute between Negosida and importing banks over fixation of prices of gold.
Stating that price of gold set by the banks is higher than the actual price, Negosida had stopped issuing recommendation to its members for wholesale purchases. Gold dealers said the price fixed by banks was Rs 300 per tola more than the actual rate.
“We issued recommendation to six wholesalers to purchase 30 kg of gold from banks on Wednesday after the bankers agreed to provide us reasonable an indicative price before 10.30 a.m.,” said Tej Ratna Shakya, president of Negosida.
A price determination committee of Negosida used to determine the price on the basis of international price and foreign currency rate with the addition of customs duty and profit margin before importer banks were given authority to fix gold price.
Nepal Rastra Bank has allowed banks to import 10 kg of gold per day on the recommendation of Nepal Bankers Association. The association has recommended NMB Bank, Standard Chartered Bank, NIC Bank and Machhapuchhre Bank to import gold. These banks, except Machhapuchhre Bank, have already imported 50 kg each so far.
