December 3: The gold and silver market of Nepal is back in business as normal almost after ten months following a setback caused by skyrocketing price and lockdown imposed by the government to control coronavirus.

The business of gold and silver is generally high during this month (mid-November to mid-December) due to the marriage season.

According to stakeholders, around 20 to 30 kilograms of gold are consumed on a daily basis at present. There is a tradition of wearing gold jewelries and presenting gold ornaments as gifts during marriage festivals in Nepal. This is the reason why the business of gold increases during the marriage season.

Businessmen involved in this sector say that they are doing brisk business due to the marriage season.

The business of gold and silver had been badly affected since last year due to a sharp hike in price of the precious yellow metal. Despite the rise in price, gold business was satisfactory during last winter’s marriage season. The business had remained at an all time low with the emergence of coronavirus. The business was not encouraging even during festivals like Dashain, Tihar and Teej, according to the gold and silver dealers.

However, former president of the Federation of Nepal Gold and Silver Dealers Association Tej Ratna Shakya believes that the business is getting back on track now.

“The business of gold and silver was extremely low due to price hike and coronavirus ever since last winter,” said Shakya, adding, “But now, it has become somewhat normal.”

However, Shakya says that their business is still very low compared to normal days. He says that the daily consumption of gold during normal days used to be over 40 kg. But it is only half the amount at present.

“We take this as a positive indication,” he added.

Shakya informed that although the price of gold has declined at the moment, there are indications that the price may rise again.

“This business is likely to pick up pace only in the upcoming summer,” says Shakya.

The gold business was affected ever since last July due to the trade war between the USA and China. In addition to that, the coronavirus pandemic further affected the business.

The price of gold in Nepal is fixed as per the price in the international market.