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Banks obstruct supply as gold demand soars in Nepal

Section: Daily Dispatches

Gold in Short Supply as Buying Rush Continues

From the Kathmandu Post
Kathmandu, Nepal
Sunday, August 9, 2015

KATHMANDU -- With bullion prices sliding to record lows, customers have been queuing up in front of dealers to buy gold to make jewellery. Traders said that although banks had started issuing gold from the last few days, demand outstrips supply. Falling prices and the onset of the festive season has fuelled the rush, said traders.

"Demand has soared three to four times compared to last month as prices have dropped significantly, but banks have not been issuing as much gold as is required," said Nirmal Krishna Shrestha, proprietor of Gems Ornament Emporium at Bishal Bazaar, New Road. Only banks are authorized to import gold with the quota fixed at 15 kilograms daily. ...

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