Central bank sells 100 kg gold, 1000 kg silver

The central bank today sold 100 kg of gold and 1000 kg of silver.
"The highest bidder today bid Rs 37,300 per tola (11.664 gram) or Rs 31,9800 for a kg of gold and Rs 56,155 for a kg of silver," said Gopal Kafle, spokesperson of the central bank. "The central bank sold Rs 31.98 million worth 100 kg of gold and Rs 56.15 million worth silver today," he said, adding that the central bank in the morning has fixed minimum of Rs 31,099.69 per 10 gram or Rs 31,09,969 per kg for gold and Rs 53,114 for per kg for silver.
Due to a little flexible rule than last Tuesday, 39 bidders took part in the bidding process. "But seven of them were disqualified," he said, adding that 25 traders bought 100 kg of gold and 20 traders bought 1,000 kg of silver today.
The central bank fixes the minimum price of the gold adding Rs 1,000 on the international price per 10 gram at noon on Tuesday. Similarly the silver price is fixed adding Rs 2,400 to the international market price per kg.
NRB had decided to auction 100 kg of gold and 1,000 kg of silver every Tuesday to meet the market demand after the government banned the gold and silver import to discourage smuggling of the precious yellow metal. The central bank has planned to sell 75 kg gold through auction and 25 kg for non-bidders. Non-bidder has to pay the highest bid price.
Though, the auction is expected to provide relief to both traders and the customers, traders are still believing thaty the price fixed by the central bank is more than the market price.
Nepal imported above Rs 45 billion worth gold and silver -- Rs 41.63 billion worth gold and Rs 3.25 billion worth silver -- in the last fiscal year.
Last Tuesday the central bank had auctioned 8.74 kg gold at Rs 27.79 million and 31.31 kg of silver at Rs 1.77 million in the first ever auction of gold and silver in its history. The highest trader had bid for Rs 3.18 million for a kg of gold and Rs 56,590 for a kg of silver last Tuesday that was more than today.