1 lakh 75 thousand 200 price per tola on Tuesday
The price of gold has set a new record in both domestic and foreign markets. The price of gold in the domestic market has reached an all-time high. On Tuesday, gold was traded at 1 lakh 75 thousand 200 rupees per tola, according to the Federation of Nepal Gold and Silver Traders.
Compared to the previous trading day, on Sunday, it was traded at Rs. Gold prices remained stable on Monday. But on Tuesday, the price of gold rose by 1100 rupees per tola in one day, according to the data of the federation. Earlier on Friday, the price of gold reached Rs 1 lakh 74 thousand 500 per tola.
The general secretary of the federation, Kiranbhai Bajracharya, says that the price of gold has increased in both domestic and foreign markets due to various reasons, including US President Trump's tax policy, Russia-Ukraine unstable talks and Israel-Hamas war in Gaza. He believes that the price of gold may increase due to various international reasons.
At present, 10 percent customs duty is levied on gold import. In the budget speech of the current financial year, customs duty was increased from 5 percent to 20 percent. Last November, the government reduced the customs rate again and made it similar to that of India, saying that smuggling has increased after the increase in the customs rate. With a 50 percent reduction in the customs rate, on November 10, per tola became cheaper by 15,900 rupees. Then the price of gold increased when the bank increased the premium charge.
Federation has stated that the price is determined according to the 'Gold Sale and Distribution Procedure/Guideline 2068'. According to the procedure, importers (banks) get 0.5 percent profit and traders get 0.5 percent profit. Then about 0.5 percent is added to the price as premium charge (fred charge, insurance). Prices are also determined based on international market prices and exchange rates. 0.5 percent was given as premium charge. The premium charge was also reduced to 0.3 percent after the cost reduction. But after the administration of US President Donald Trump, the cost increased again, on February 13, the bank increased the premium charge on new gold imports to 0.10 percent. Since then, the price of gold has started to rise again.
Like in Nepal, the price of gold has increased in the international market as well. According to experts, the price set another record as investors were attracted to gold, known as a safe investment, due to the Gaza war and US President Trump's tax policy.
In the international market, the price of gold per ounce on Tuesday
has reached above 3 thousand dollars. The price of spot gold rose to $3,028 per ounce in early trading. Last Friday, at 9:40 a.m. US time, the price of gold rose to $3,040 per ounce.
As of Tuesday evening, gold traded at $3,310 per ounce in the international market. Experts say that the war between Israel and Hamas has started again, which has helped to increase the price of gold. The Israel Defense Forces (IDF) issued a statement saying that it has resumed attacks "targeting terrorists" associated with Hamas.
The US administration continues a series of tariffs, including a 25 percent tariff on steel and aluminum in February, reciprocal and regional tariffs set to be imposed on April 2. Goldcore CEO David Russell has estimated that the price of gold will reach 3,150 to 3,200 US dollars per ounce by the end of this month. "Since we are facing some resistance at 3,000 US dollars per ounce, some investors may take profit, the price may remain stable," he said.
