from Bullion Street:
Nepal Gold and Silver Traders Association(Negosida) said high demand for Indian rupee remained the major reason behind the high increase in gold smuggling to India.
The Association said 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 continued to hit gold markets in the country.
Indian Currency has been sold for Nepali Rs 168 in black markets of southern Nepali bordering towns leading to smuggling of gold to India, eventually worsening the supplies of the yellow metal in the domestic market.
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