KATHMANDU: The government’s decision to promulgate an ordinance to control the import of gold has pleased traders who say it will

prevent a dollar deficit

and protect the national economy.

Gold traders have urged the government for customs duty on import of gold equal to that of India’s customs duty on such import. To avoid the flight of money, Nepal Rastra Bank stopped the hand carry process also of importing gold. After the hike in India’s customs duty to Rs 480 per 10 gram, gold importers here are insisting on equal customs duty. The price of gold in the Indian market is Rs 350 more than in Nepal.

According to Tej Ratna Shakya, president of Nepal Gold and Silver Dealers’ Association (NEGOSIDA), the government’s decision to increase customs duty will bring the trading price of gold in the domestic market at par with the international price. “The customs duty has not been fixed yet, but we hope it will be equal to India’s customs duty,” said Shakya.

Currently, there is no gold import but that has not created a gold scarcity in the market. Shakya said the market is in off-season mode due to which there is no high demand for gold and trading is less than 10 kg per day.

According to NEGOSIDA, gold this week opened at Rs 28,080 per 10 gram on Sunday and remained at the same price on Monday. After a fall of Rs 150,

gold was traded for Rs 27,950 on Tuesday and Wednesday. Gold further fell to Rs 27,695 per 10 gram on Thursday and closed at Rs 27,780 per 10 gram on Friday.

Meanwhile, silver opened at Rs 428.50 per 10 gram and remained stable till Wednesday. The trading price fell by Rs 4 and silver got priced at Rs 424.50 per 10 gram and closed at the same price.