The price of gold, known as the yellow metal, once again hit a new record high as commercial banks hiked import costs. Compared to Monday, prices in the international market fell slightly on Tuesday. But due to increase in premium charge by the bank and exchange rate, the price of gold in the local market has set a new record.

The price of gold per ounce in the international market was US$ 2941.80 when the Nepal Gold and Silver Traders Federation set the price on Monday. On Tuesday, prices were trading at $2,939.80 per ounce in the international market. However, the price of gold in the local market set a new record.

'Looking at the international market, Monday's price should have been maintained. But commercial banks have increased import premium charges. The exchange rate has also increased on Tuesday compared to Monday," said goldsmith Tejaratna Shakya, "Commercial banks did not give gold at Monday's rate, that's why it increased to normal." According to the procedure, importers (banks) get 0.5 percent and traders get 0.5 percent (1 percent for banks and traders). Then about 0.5 percent is added to the price as premium charge (fred charge, insurance).

is also priced based on international market prices and regulatory rates. 0.5 percent was given on premium charge (free charge, insurance). The premium charge was also reduced to 0.3 percent after the cost reduction. While there was talk that charges should be reduced, the cost increased again after the administration of American President Donald Trump. After the arrival of new gold, the bank increased the premium charge by 0.10 more," said Shakya, "that's why the price increased. The price of the dollar also increased.' 

Apart from this, the government has imposed a 10 percent customs duty on gold imports. In the budget speech of the current financial year, the customs rate was increased by 5 percent to 20 percent. Due to the increase in smuggling after the increase in customs rates, the government reduced the customs again last November and made them the same as in India. With the reduction of customs rate by 50%, per tola became cheaper by 15 thousand 900 rupees in one day. After that, the price started to rise again.

The New York market is considered as the base when determining the price of gold. Indian market is also considered as base. Businessmen say that the price is determined on the basis of 75% for the international market and 25% for the Indian market. The Indian rupee is depreciating against the dollar. This has further helped the price of gold to rise. On Monday, 1 dollar was equal to 138.95 rupees. On Tuesday, the exchange rate rose to 139.30 rupees equal to 1 dollar.

This is the reason why the gold price has increased according to the Federation. The price set by the Federation on Tuesday is the highest ever. According to the data of the federation, 22 thousand 800 has increased in 2 and a half months. On January 5, the price of gold per tola was 148,500. Then on October 15, a new record was set at Rs 1 lakh 71 thousand per tola. After that, the price decreased and on February 4, it was traded at 1 lakh 67 thousand 500 rupees per tola. On February 13, the price reached 1 lakh 71 thousand 300 rupees making a new record again.