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Gold Traders In Mahendranagar: ‘Rising Price Leading To Low Sales During Festivals’

Chairman of the Kanchanpur Gold and Silver Entrepreneurs' Association, Umesh Sunuwar, said that there was no trade in gold and silver this time as the festivals like Teej, Gaura Dashain and Tihar were approaching.
Women buying gold. Image Courtesy: Google Images

N24 Staff Writer, MAHENDRANAGAR: The price of gold has been rising sharply, majorly due to the ongoing pandemic, COVID-19 and its lockdown. Today, the price of gold has risen by Rs 1,600 per tola to Rs 101,000 per tola in Nepal.

Chairman of the Kanchanpur Gold and Silver Entrepreneurs’ Association, Umesh Sunuwar, said that there was no trade in gold and silver this time as the festivals like Teej, Gaura Dashain and Tihar were approaching. “If the price continues to rise in such a situation, gold and silver traders are likely to have to look for alternatives.”

Stating that there are 160 gold and silver traders in Kanchanpur, he said that locals are coming here for sale rather than buying gold. “As soon as the lockdown started, the transaction went down as the price went up.” He said, “The price of gold here is Rs 1,200 more than in Kathmandu.” For a long time, original jewelry has been made by Nepali artisans, while modern jewelry has been made by Indian artisans.

Published Date: Wednesday, August 5th, 2020 | 04:44 AM

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