The price of gold has set new records for a week. Stakeholders have said that the price of gold has increased after the rumors of the US Central Bank (Federal Reserve Bank) reducing interest rates and the devaluation of the Indian rupee and the Nepalese rupee against the US dollar.

They say that it has set a new record in price every day for a week.  

The price of gold per ounce in the international market was 3,474 US dollars when the Nepal Gold and Silver Traders Federation set the price on Monday. Accordingly, the Federation has fixed a price of Rs 2 lakh 5 thousand 300 per tola in the Nepalese market. Although the price traded in the international market is not a record, the price set in the domestic market is a record. Tejaratna Shakya, a jeweler, said that the main reason for this is the devaluation of Bharu and Nepalese rupees against the dollar. 

On May 9, the price of gold per ounce in the international market was 3,485 dollars. At that time, the price of gold in the Nepali market was fixed at 1 lakh 57 thousand 900 rupees per tola. Even at that time, the main reason was the exchange rate of Bharu and Nepali rupee. At that time, one American dollar was equal to 136 rupees," Shakya said. "On Monday, the price of gold per ounce in the international market is 3 thousand 474 American dollars. But one dollar equals 141 rupees 45 paise. That is the reason why the price has increased in the Nepali market. In the case of the international market, the dollar is still weak, he said. 

The federation determines the price by considering the international market as 75 percent and the Indian market as 25 percent. The market price is determined by international market price, dollar exchange rate, 10 percent customs duty and 1 percent profit (50 percent to the bank and 50 percent to the businessman).

The price of gold has been increasing in the international market since last one week. "The tariff announced by US President Donald Trump is also the reason for the increase in the price of gold," said Shakya. US President Trump has increased tariffs on 90 countries. According to the international media, Trump's policy has also affected the world's supply system, price network and diplomatic relations. For that reason, investment in gold is increasing in the international market. 

With the increase in investment in gold, the price is also increasing. It has also affected the Nepali market. Since August 13, the price of gold has crossed Rs 2 lakh per tola. But you can't buy jewelry at this price in the market. Consumers have to pay additional fees to buy jewelry. 

Luxury charges in gold  now only from consumers

Luxury duty on gold and gold jewelery will now be levied at only one level. The government has decided to levy the tax at only one level after jewelers protested that the tiered levy would increase consumer prices. The Ministry of Finance has made this decision by amending the Economic Act, 2082. Now it has been decided to collect 2 percent luxury tax on jewelery only from consumers. 

The Ministry of Finance has already published a notice in the gazette on August 2, revising the scope of the tax. Along with this, the Internal Revenue Department has also made and implemented the Luxury Duty Procedure 2082 on Monday. Through the budget of the financial year 2082/83, it was decided to impose 2 percent luxury tax on gold and gold jewelry and 13 percent value added tax (VAT) on precious stones including diamonds. Businessmen took to the streets to protest against it. They formed a struggle committee saying that the 2 percent luxury tax would increase the price of jewelery according to the level. Although 2 percent luxury tax is levied on gold jewelery purchased by the consumer, no such tax is levied when the gold is returned by the consumer.

Gold price (in Tolas) since last week 

August 9 : 1 lakh 97 thousand 2 hundred