Yellow metal shortage in Jhapa

Jhapa, August 18

Gold entrepreneurs say that yellow metal is in short supply in Jhapa.

According to gold traders, the district is facing shortage of precious metal after Nepal Rastra Bank failed to distribute adequate gold in the market.

As per the quota, each of the gold trader has to be provided eight kilos of gold per month. However, only three to four kilo gold is provided these days, which has caused scarcity in the market.

The price of the yellow metal has dropped in the market. Due to falling price of gold and nearing festive season, the demand has gone up. Gold entrepreneur SantoshKalikote of Birtamod said that they had failed to sell gold in line with demand.

Federation of Nepal Gold and Silver Dealers’ Association Jhapa chapter chairman RajuDhamala said that gold was in short supply for the past one month in the district due to which customers had to return empty-handed.

According to Dhamala, market places of as many as 12 local levels in the district, including Kamal Rural Municipality, Gauradaha Municipality, Damak Municipality, have demand for gold up to 30 kilograms in a month.

Entrepreneurs and traders have been lobbying the government to provide sufficient quantity of gold, but to no avail.