The Phaserl


Nepal central bank told to explain Gold shortage

from BullionStreet:

Gold shortage continued to hit Nepali markets while price dropped below Rs 50,000 a tola.

The price of gold once again dropped today to reach a year low of Rs 49,099 per tola (11.664 gram), according to Nepal Gold and Silver Dealers’ Association. The price of the precious yellow metal had touched a record high of Rs 62,000 per tola in the domestic market on September 14, 2012.

Meanwhile, Nepal’s anti-corruption watchdog asked country’s central bank on why customers were not able to buy gold during the wedding season.

The Commission for the Investigation of Abuse of Authority (CIAA) has asked Nepal Rastra Bank (NRB) to explain in three days, why there was a shortage even at a time when prices were low on the basis of complaints made by customers who said that they were not able to buy gold at the current price.

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