KATHMANDU: Gold prices went down on Sunday in Nepali market. The price of hallmark gold dropped by Rs. 1,000 per tola (11.664 gram) on Sunday.

The Nepal Gold and Silver Dealers’ Associations (NEGOSIDA) has fixed the price of the yellow metal at Rs. 60,200 today.

In the international bullion market, gold is being traded at USD 1391.20 per troy ounce today.

Likewise, silver price has dropped by Rs. 20 and is being traded at Rs 1,035 per tola today.

KATHMANDU: Gold prices went up in Nepal on Tuesday following the global trend. The increase comes as the nation prepares for the upcoming national festivals.

Nepal Gold and Silver Dealers’ Association (NEGOSIDA) announced that the prices were increased by Rs 1,000 per tola (11.664 grams) in the domestic market.

With the revised pricing,  one tola of hallmark gold will now cost Rs 59,900 per tola today. Similarly price of silver also increased by Rs 15 and reached Rs 1,049 per tola today.

Taking it into consideration the increasing demand for the yellow metal, Nepal Rastra Bank is mulling to increase the gold import quota to 20 kilogram per day.

TOKYO: The dollar slipped against the euro and yen Wednesday, while India’s rupee rebounded from a record low as traders await the release of minutes from the US Federal Reserve’s July meeting.

Trade was cautious ahead of the release of the minutes, with analysts expecting the Fed to soon announce the end of its year-long stimulus, which has helped fuel a global equity and forex rally.

In early Asian trade the greenback bought 97.25 yen, against 97.32 yen in New York on Tuesday, while the euro sat at $1.3423, against $1.3420.

The European unit broke $1.34 in New York for the first time since January after US Treasury yields fell to 2.81 percent from a two-year high of 2.88 percent reached Monday, as bonds appeared oversold after sinking for more than three months.

The single currency was also trading at 130.67 yen, from 130.60 yen.

Investors will be poring over the Fed minutes to find out “what kind of discussion took place over (the) possibility of reducing” its bond-buying known as quantitative easing (QE), Shinichiro Kadota, currency analyst at Barclays Capital, said in a statement.

But while expectations are high that QE is coming to an end India’s rupee, Asia’s worst-performing major currency this year, edged up to 63.37 against the dollar on Wednesday after falling to a record low 64.1 on Tuesday.

However, the Indonesian rupiah continued to fall, trading at 10,685 to the dollar on Wednesday, from 10,495 rupiah Tuesday, while the Thai baht was at 31.72 from 31.69.

Expectations the Fed will wind down QE has seen foreign investors repatriate the vast sums of cash that poured into emerging economies when the scheme was unveiled in September 2012, hammering currencies and equities.

Of the total assistance, 125 million US dollars will be provided as grant assistance and remaining 82.26 million US dollars as loan assistance.

The WB assistance will be used for the ongoing implementation of School Sector Reform (Rs. 9,612 million), Poverty Alleviation II (Rs. Rs.7, 690 million) and for Kali Gandaki A Hydropower Plant Project (Rs. 2,620 million).

Separate Memorandum of Understanding (MoU) to this effect was signed amidst a programme at the Finance Ministry today.

Finance Secretary Shantaraj Subedi and WB Country Manager for Nepal Tahaseen Sayed signed on the MoU on behalf of the respective sides.

Also on the occasion, Secretary Subedi expressed sincere appreciation to the WB for the assistances and for its continued assistance in the socio-economic development of Nepal.

A meeting of the cabinet on Thursday took a decision to this effect.

Likewise, the cabinet meeting appointed Shankar Man Singh as the Executive Director of Special Economic Zone Development Committee.

Similarly, the decided to deposit the seven day’s salary of Chairman of the Interim Council of Ministers and other members of the cabinet into the Prime Minister Natural Disaster Rescue Fund to provide relief to the flood victims of far and mid west regions.

KATHMANDU: The price of gold has decreased a year-low on Sunday, trading at 49,100 per tola, according to the Nepal Gold and Silver Dealers’ Association (NEGOSIDA). Earlier, the hallmark gold was traded at Rs 49,750 per tola.

The price of gold is gradually decreasing since the beginning of this April, thanks to strong status of the US Dollar. Generally, gold is regarded as the hedge against the US dollar.

However, the gold dealers’ are not very happy to sell their stock citing price down while the demand for gold is on the rise due to season for marriage in the Hindu society.

The gold was traded at Rs 62,000 per tola (the record high) in the local market on September 14, 2012.

LALITPUR: Governor of the Nepal Rastra Bank (NRB) Yubraj Khatiwada has stressed for utilizing the remittance in productive sector for capital formation at home.

At a program on remittance policies and programmes organized in the capital on Tuesday, Khatiwada also expressed dissatisfaction to the excessive use of remittance in the unproductive sector.

Saying that the central bank was committed to brining in the remittance through the formal medium, Governor Khatiwada also urged all migrant workers to send their money through the legal channel.

Also speaking at the program, UN Under-Secretary General Gyan Chandra Acharya said Nepal’s economy has sustained due to remittance among the least developed countries (LDCs).

Acharya was of the view that country’s productivity increment should be prioritized, as remittance inflow was not the sustainable means to lead the country.

Likewise, former Vice-chairman of the National Planning Commission Prithvi Raj Ligal said the remittance should be utilized for national capital formation.

Over 2 million Nepalis have been working in different countries, especially in the Gulf and Malaysia, as the migrant workers.

The committee was formed following talks held between the visiting Canadian delegation of investors and Nepal entrepreneurs at the Federation of Nepalese Chambers of Commerce and Industries (FNCCI) central office.

Likewise, a memorandum of understanding was signed on the occasion to form the FNCCI Indo-Canadian Business Chamber (ICBC) in order to garner mutual benefit through expansion of tri-lateral economic relations between Nepal, India and Canada.

In the join secretary level talks, Nepal drew the attention of the Chinese side on the problems faced by Nepalese entrepreneurs in the border area, risk for lack of banking facilities in Tatopani entry point, among others.

Nepal requested the Chinese officials to provide facility of transportation in trucks by ending the arrangement to carry loads to Khasa of Tibet by porters after crossing the Tatopani customs.

At the talks held at the Ministry of Commerce, the 11-member Chinese team led by Director General of the Department of Commerce of China´s autonomous region of Tibet Bianba assured to present the problems raised by Nepali officials before the central and regional government of China.

Bianba suggested that efforts should be made from Nepal to remove the barrier in trade expansion like certificate of origin of Nepali goods.

Although China has given zero tariff facility for 8,787 items, no trade deficit has come down. Nepal has been exporting 366 Nepali products including noodles and agro products.

Nepalese team is led by Joint Secretary at the Ministry of Commerce and Supplies, Jivraj Koirala and officers of Customs and Commerce Departments, and the Ministry of Foreign Affairs and Finance Ministry are participating.