Golden season has begun, selling up to 25 kg daily will be discussed here in details.
As the festival approaches, the gold selling season has started. The daily sales of gold were low in May, June and July, but with the onset of August, the gold business started to rise. According to the Nepal Gold and Silver Traders Federation, the demand for gold has started increasing since August as the festival approaches.
The president of the Federation, Manikaratna Shakya, said that the demand for gold has started increasing as the month of August approaches. He informed Ratopati that now up to 25 kg of gold is being sold daily. “Earlier, around 10 kilograms were being sold daily,” Shakya said, “As August approaches, the festival is approaching. This is the reason why the demand for gold has started to increase.
Gold traders consider Haritalika Teej as the start of the gold trading season. Especially, since it is the time of marriage till Baisakh month, 20-25 kg of gold is sold daily till that month. Which creates a kind of excitement in the market. Because there are no weddings in May, June and July, the business is often stopped.
However, with the onset of August, Teej, a festival celebrated by women, begins. As women adorn themselves in jewelery on Teej, demand is suddenly created in the market. According to Chairman Shakya, in May, June and July, 8-10 kg of gold was being sold with difficulty across the country. According to him, it has increased up to 25 kg as Teej approaches.
According to him, it is believed that the golden season has started with Teej. Dashain and Tihar starts soon after Teej. There is a significant trade in gold during this festival as well. The most gold transactions are on the Ghatasthapana day of Dashain and the Dhanteras day of Tihar. After this, since November, May, March, February and March are the wedding season, gold transactions are significant.
Daily 10 kg supply, 25 kg demand The government of Nepal has made arrangements to import 10 kilograms of gold per day with the aim of preserving foreign exchange reserves. Earlier, the daily quota of 20 kg gold was removed and the daily quota was reduced to 10 kg. Along with this, traders say that gold is being supplied less than required in the market.
The government has allowed up to 10 kilograms of gold to be brought in daily. However, the market demand is up to 25 kg,” said President Shakya. According to him, the market is paying due to the demand that comes with the return of gold from the market. Customers who come to make gold bring gold themselves. If we add the demand with the same gold, it will be 25 kg daily, he said. How many businessmen depend on the gold market?
According to Sunachandi Vyasavasaya Federation, 25 thousand households across the country are engaged in gold business. Out of this, 20,000 businessmen have joined the federation and the rest are in the process of joining, President Shakya said. Similarly, those businessmen have given employment to another 2 lakh people. Based on this, the federation claims that 1.5 million people of Nepal are dependent on the gold and silver business. However, in Kaligarh, which is associated with employment in this area, the majority of Indians and Bangladeshis are more.