Maoist bandh

Bandh and business

A bandh called by Unified CPN (Maoist) to protest the killings of seven squatters in Dudejhari forest of Kailali by the Nepal police and Arm Police Force (APF) has brought the nation to a complete halt since early morning Sunday.

Due to the bandh both short and long transportation service has been disrupted. Factories and business institutions, educational institutions remained shut throughout the country.

Cadres of UCPN (Maoist) and its sister organisations are demonstrating by burning tires and creating other hurdles on the road in various parts of Kathmandu including Teku, Kalimati, Kalanki, Ratnapark and Chabahil. Similarly, they have vandalized a chemist shop in Balaju.

Maoist cadres torched a motorcycle early morning today in Koteshwar accusing of defying the bandh. Police have arrested two persons from the site in connection with the incident.

However, the Maoists have said, they will not disrupt movement of vehicles related to press, diplomatic agencies, hospitals and ambulances and those ferrying tourists to and from airport.

Gold sales down by 60pc despite wedding season

Bullion traders said that the sales of the yellow metal despite the ongoing wedding season decreased as high as by 60 percent compared to same period last year due to the record high price hike in national and international market.

According to Tej Ratna Shakya, president of Nepal Gold and Silver Dealers’ Association (NEGOSIDA), they used to sell more than 25 kg gold per day per day during the same period last year, but now the sales record is below 10 kg.

The price of yellow metal on Thursday set a historic high record of Rs. 27,650 per 10 gm (Rs. 32,250 per tola) after a continuous rise for four consecutive days. On Sunday, the yellow metal was selling for Rs. 27,050 per 10 gm (Rs. 31,550 per tola) whileit was traded at Rs. 27,100 (Rs. 31,600 per tola) on Monday, Rs. 27,305 (Rs. 31,850 per tola) on Tuesday and Rs. 27,390 (Rs. 31,950 per tola) on Wednesday.

Similarly, gold has been setting records on the international market as well. From US$ 1,118 per ounce on Sunday, it surged to US$ 1,141 on Thursday. Gold was traded at US$ 1,129 on Monday and at US$ 1,136 on Tuesday and Wednesday.

According to bullion traders, dollar depreciation, high demand on the international market fearing scarcity after India purchased 200 tons of gold from the International Monetary Fund on Nov. 2, 2009 and release of dollar and collection of gold buy the EU and Asian central banks were some of the major factor for the increasing price.

They have also predicted that the gold price will remain stable or decrease wit in few days as gold per ounce went down to US$ 1,141 from the highest US$ 1,150 on Thursday.

“ After the price hike in this season, only a few people are buying gold for wedding ornaments because prices is increasing every day,” said Triratna Bajracharya, a gold and silver trader. He said that the customers started to use their own old gold for making new jewellery for the wedding purpose.

He used to sell at least six gold jewellery items every day during wedding season but now it hard for him to sell even one item a day, he says.