Gold price hits NPR 171,000 per tola

Kathmandu, February 20 — The price of gold in the Nepali market reached NPR 171,000 per tola (11.66 grams) on Thursday.

This price is equivalent to the record price of gold that was set on October 31, 2024 earlier.

However, at that time, the customs duty on gold was 20%. But even though the customs duty has been reduced to 10%, the price of gold has matched the previous record.

According to the decision made at the Cabinet meeting held on 21 November, 2024, the customs duty on gold and silver was set to 10%.

The customs duty was lowered from 20% to 10%, resulting in a decrease in gold prices.

After the decision was published in the official gazette on November 24, 2024, and implemented on November 25, 2024, the price of gold drastically dropped.

In the previous fiscal year, the customs duty on gold was 10%, but it was increased through the budget by then Finance Minister, Barshaman Pun. This decision was later reviewed and re-implemented.

Afterward, the price of gold had hovered around NPR 150,000 per tola, but now, it has been continuously rising.

The increase in gold prices in the international market has also affected the local market.

Experts suggest that with the ongoing increase in international gold prices, the local market might witness a new record-high price for gold.

According to the Federation of Nepal Gold and Silver Dealers Association, the price of standard gold was NPR 170,500 per tola on Wednesday.

On Thursday, it increased by NPR 500, reaching NPR 171,000 per tola.

Similarly, the price of silver also increased on Thursday.

Silver, which was priced at NPR 1,985 per tola on Wednesday, rose to NPR 1,995 per tola on Thursday, according to Federation.