Gold and Silver Prices Rise on First Day of New Fiscal Year

Kathmandu, July 16

The new fiscal year 2082/83 began with an uptick in gold and silver prices in Nepal. According to the Nepal Gold and Silver Dealers' Federation, prices showed a noticeable increase compared to the last day of the previous fiscal year (Shrawan 32, 2081 BS).

Price Movement Details

• Gold: Increased by Rs. 300 per tola

  • Wednesday (last day of FY 2081/82): Rs. 192,000/tola

  • Thursday (first day of FY 2082/83): Rs. 192,300/tola

• Silver: Rose by Rs. 5 per tola

  • Wednesday: Rs. 2,260/tola

  • Thursday: Rs. 2,265/tola

Luxury Tax Implementation

The new fiscal year also marks the implementation of a 2% luxury tax on precious metals. However, traders have been protesting this levy, arguing it could negatively impact the jewelry market.

(Note: Prices are for hallmark gold. Market trends may vary based on international bullion rates and local demand.)

Key Takeaways:

1. Marginal but symbolic price hike on FY's first day

2. Trader opposition continues against the luxury tax

3. Investors advised to monitor global market trends for future price cues