Prices also set records in international markets due to the Gaza war and US President Donald Trump's tax policies
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The price of gold in the domestic market has reached an all-time high. On Sunday, gold was traded at 176 thousand 800 rupees per tola, according to the Federation of Nepal Gold and Silver Traders. The price of gold has set a new record on Sunday as well.
Last Friday, the trade of gold per tola was 176 thousand 200 rupees.
The Gaza war and US President Donald Trump's tax policies attracted gold as a safe-haven investment, experts say. Currently, 10 percent customs duty is levied on gold import. In the budget speech of the current fiscal year, the customs rate was increased by 5 percentage points to 20 percent.
After increasing the customs rate, the government reduced it again last November and made it the same as that of India. With the 50 percent reduction in the customs rate, on November 10th, the price 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 a 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. As the
expenses decreased, the premium charge also decreased to 0.3 percent. But after the administration of US President 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.
Gold prices are making new records in the international market as well as in Nepal. Last Friday, gold was traded at $3,86.70 per ounce. According to Reuters, which is the 18th record.
Gold prices hit record highs on Friday as investors gravitated to safe-haven assets amid fears that US President Trump's tax hikes could trigger a global trade war, according to Reuters. It is estimated that the price of gold in the international market will reach 3 thousand 114.30 per ounce.
