Gold and Silver traders resume business after 10 days

KATHMANDU: The gold and silver dealers have opened their shops after 10 days on Saturday following an agreement with the government on Friday night.

Bullion traders withdrew all their protest programs after an agreement to form a joint taskforce consisting of government and entrepreneurs’ representatives to monitor the market.

Chairman of Nepal Gold and Silver Dealers’ Association (NEGOSIDA) Mani Ratna Shakya, the two sides agreed to form a nine-member taskforce headed by Under Secretary at the Ministry of Commerce and Supplies Lokraj Pokhrel.

NEGOSIDA, however, has not fixed the bullion prices for Saturday as most of the jewellery shops are closed on the day.

Federation of Nepal Gold and Silver Dealers’ Association (FNEGOSIDA) and Federation of Nepal Gold, Silver, Gems and Jewellery Association (FNGSGJA) had called for a shutdown of all jewellery shops across the nation as a protest against government monitoring held a few months back. The government team found that some renowned jewellery shops have been using fake weighting machine for selling gold for cheating the customers.