In the biggest haul this year, police confiscated 23 kg gold worth more than Rs 100 million from Jagati, Bhaktapur, from a fruit container around Monday midnight. The 23 gold biscuits were being smuggled in a truck (Na 3 Kha 5058) headed for Kathmandu from Tatopani, Sindhupalchok, that the police intercepted at Jagati checkpoint.There is scope for smuggling due to the huge gap between necessity/demand and formal import. Nepali bullion traders claim we need 45 kilograms of gold a day but the government permits daily import of just 15 kilograms. But there has been no problem due to scarcity of gold in the market, and there is no example of having to buy gold at a higher than international market price. Price of gold usually fluctuates every day and investors suffer loss or make profit on the basis of fluctuation. But the Nepali market is not like that. People make jewelries only at the time of wedding and other occasions. Demand for gold, therefore, is high during the wedding months. A larger number of Nepalis have now also started to make jewelries at other times due to remittance sent home by their family members working abroad.
