Gold prices drop significantly in domestic market

Kathmandu, November 25 — Gold prices in the Nepali market have seen a sharp decline.

According to the Federation of Nepal Gold and Silver Dealers Association, the price of gold has decreased by NPR 15,900 per tola.

The price of hallmark gold in Nepal has significantly dropped to NPR 151,300 per tola on Monday, down from NPR 167,200 per tola on Sunday, according to the Federation of Nepal Gold and Silver Dealers Association.

The sharp decline in gold prices comes after the government decided to lower customs duties on gold and silver.

As per the decision made during the Cabinet meeting on November 21, the customs duty on both gold and silver has been set at 10%, announced Finance Ministry spokesperson Mahesh Bhattarai.

Previously, the customs duty on gold was 20%, and on silver, it was 15%. This duty had been raised from 10% by former Finance Minister Barshaman Pun through the budget. The revised rates, effective from today, mark a reversal of that earlier decision.