Nepal | March 31, 2020

Gold price at all-time high of Rs 64,000 per tola

Himalayan News Service

Kathmandu, June 20

Gold price climbed to an all-time high of Rs 64,000 per tola in the domestic market today.

As per the Federation of Nepal Gold and Silver Dealers’ Association, price of the precious yellow metal increased by Rs 1,000 per tola in the domestic market today to reach the record. On Wednesday, gold was traded at Rs 63,000 a tola.

The bullion price had hit an all-time high of Rs 63,100 per tola on Monday.

Jewellers said that the ongoing trade war between the United States and China has encouraged investors towards investing in gold, thereby raising gold demand and increasing its price. “As investors are finding it safe to invest in gold over other financial instruments or commodities, the demand of the metal has increased in the global market affecting the price,” said Mani Ratna Shakya, former president of the association.

Along with this, Shakya also said the recent rise in import duty on gold has raised the price of yellow metal in local market. The government, through the budget for fiscal year 2019-20, had increased the import duty on gold by Rs 800 per 10 grams.

As a result, gold importers now have to pay import tax worth Rs 5,000 per 10 grams though they were paying Rs 4,200 per 10 grams earlier.

Meanwhile, jewellers have also said that the rising gold price has started affecting the jewellery business in the market lately, as customers are waiting for gold price to fall.

 


A version of this article appears in print on June 21, 2019 of The Himalayan Times.


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