Chart usGOLD   Chart usSILVER  
 
Food for thought
A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain.
Mark Twain  
Search for :
LATEST NEWS  :
MINING STOCKS  :
Subscribe
Write Us
Add to Google
Search on Ebay :
PRECIOUS METALS (US $)
Gold 1213.805.82
Silver 17.190.24
Platinum 1285.20-8.60
Palladium 776.005.75
WORLD MARKETS
DOWJONES 16802-238
NASDAQ 4419-74
NIKKEI 16082-91
ASX 533538
CAC 40 4365-51
DAX 9382-92
HUI 1982
XAU 821
CURRENCIES (€)
AUS $ 1.4453
CAN $ 1.4097
US $ 1.2609
GBP (£) 0.7792
Sw Fr 1.2069
YEN 137.8070
CURRENCIES ($)
AUS $ 1.1464
CAN $ 1.1180
Euro 0.7931
GBP (£) 0.6180
Sw Fr 0.9572
YEN 109.2930
RATIOS & INDEXES
Gold / Silver70.61
Gold / Oil13.43
Dowjones / Gold13.84
COMMODITIES
Copper 3.04-0.02
WTI Oil 90.380.62
Nat. Gas 4.09-0.03
Market Indices
Metal Prices
RSS
Precious Metals
Graph Generator
Statistics by Country
Statistics by Metals
Advertise on 24hGold
Projects on Google Earth
Shortage of gold, Indian currency hits Nepal
Published : November 21st, 2012
241 words - Reading time : less than a minute
( 0 vote, 0/5 ) Print article
 
    Comments    
Tweet
The Times of India, in its November 19, 2012 article, reports that Shortage of gold, Indian currency hits Nepal.

Extract :
Keywords :   Central Bank | Gold | India | Silver |

 

 

 

 

KATHMANDU: Nepal is facing scarcity of gold for the past few months as the local traders have been using the yellow metal instead of Indian currency, which is also scarce in the market, to import goods from India.

 

According to Tej Ratna Shakya, president of Nepal Gold and Silver Traders Association, Nepalese importers have been using gold to make payments for goods being imported from India for the last three months, leading to shortage of the yellow metal despite recent hike in gold prices.

 

In the local market here, one tola of gold, equals 11.664 grams, costs 60,400 Nepalese rupees.

 

Till the end of last financial year, the daily demand for gold in the market was 15 kilos, which has increased three-fold after the traders started taking gold to India through illegal channel to make payments against purchase of Indian goods, he said.

 

Nepal is highly dependent on India for import of foreign goods and it is estimated that three-fourth of Nepalese imports comes from India.

 

Nowadays, the demand for gold has reached 50 kilos per day, which is too difficult to meet as the Nepal Rastra Bank, the central bank of Nepal, only allows import of 15 kilos of gold daily.

 

This has adversely affected the business of those making gold ornaments, according to economic observers.

 

"We have not been able to take orders for making gold ornaments due to the shortage of raw gold in the market," Shakya said.

 

 

Read the rest of the article at The Times of India
Data and Statistics for these countries : India | All
Gold and Silver Prices for these countries : India | All
Tweet
Rate :Average note :0 (0 vote)View Top rated
Previous article by
24hGoldWire
All articles by
24hGoldWire
Next article by
24hGoldWire
Receive by mail the latest articles by this author  
Latest comment posted for this article
Be the first to comment
Add your comment
TOP ARTICLES
MOST READ
TOP RATED
MOST COMMENTED
Editor's picks
RSS feed24hGold Mobile
Gold Data CenterGold & Silver Converter
Gold coins on eBaySilver coins on eBay
Technical AnalysisFundamental Analysis
Most recent articles by 24hGoldWire
11/21/2012
11/16/2012
10/31/2012
10/11/2012
6/13/2012
All Articles
Comment this article
You must be logged in to comment an article8000 characters max.
 
Sign in
User : Password : Login
Sign In Forgot password?
 
Receive 24hGold's Daily Market Briefing in your inbox. Go here to subscribe or unsubscribe.
Disclaimer