Gold ornaments worth 2 lakhs

The Nepal Gold and Silver Traders Federation has fixed the per tola price at 1 lakh 56 thousand 300 rupees on Friday. Compared to Thursday, this per tola is more than 3 thousand. The Federation had fixed the price of 1 lakh 53 thousand 300 rupees per tola on Thursday. Friday's price is the highest ever. The price of ready-made jewelry has reached at least 250,000.

The main reason for the increase in prices is the talk of the Federal Reserve Bank reducing interest rates. "Dharmasundar Vajracharya, the first vice-president of the Federation, said, "This is the reason why the price has increased by 49 US dollars per ounce in one day in the international market. Its impact has also been felt in Nepal. When the Federation determined the price on Thursday, the price of gold in the international market was 2,519 dollars per ounce. On Friday morning, per ounce reached 2570 rupees.

By 10:00 p.m. on this day, when the European market opened, the price in the international market rose to $2,580 per ounce. At that time, the markets of New York, Japan and Singapore had not yet opened. The Indian market also has some impact on prices. Vajracharya said that there is a possibility that the price will increase further.

Mainly the US market determines the price of gold. The Indian market is also dominating it. "Prices in Nepal are determined by analyzing the prices of all these markets," said Vajracharya, the first vice president, "Looking at the situation so far, it seems that the prices are bound to increase." But the market is still unstable.'

On the third day of the week i.e. Tuesday, the price of gold was Rs 1 lakh 52 thousand 400 per tola. Kiranbhai Vajracharya, General Secretary of the Federation, said that a new record was set on the fourth day on Wednesday. On this day, the Federation had set the per tola price at 153,400 rupees. On Thursday, there was a general decline in prices. On this day, per tola decreased by 100 rupees to 1 lakh 53 thousand 300 rupees. On Friday, a new record was set at Rs 3,000 per tola. "The Russia-Ukraine war, the increase in the price of crude oil and the instability seen in the exchange rate of the dollar are the reasons for the increase in the price of gold," said General Secretary Vajracharya.

The federation adds the international market price plus an additional 20 percent customs duty. Banks and jewellers' profits are allocated 1 percent. Then on Friday, the price of gold was fixed at 1 lakh 56 thousand 300 rupees per tola. But common people do not get jewelry at that price. In jewelry, businessmen add an additional 12 to 18 percent fee in the name of wages and jewelry.

On an average of 12 percent, the consumer price of jewelry on Friday is more than 1 lakh 75 thousand rupees. As Saturday is a public holiday, common people should buy jewelery at this price.

Why is the price increasing? Mani Ratna Shakya, the former president of the Federation, says, 'Along with the discussion of interest rate reduction, the main reason for the increase in prices is also the geopolitical conflict. The trade war between China and the US, the war between Ukraine and Russia and Israel and Palestine are also factors. In addition, the slowdown in the global economy has led to job losses. That is why some countries in the world have started to accumulate gold.

Recently, China has also increased its gold reserves. The Chinese government, which occupies a large part of the world economy, has increased its gold reserves as an alternative to the dollar. The effect of that has also been affected," said former president Shakya. Apart from these, the businessmen say that the price has increased due to some internal reasons.

After the government increased the customs rate by 5 percent from the budget of the current financial year, the price of gold has become more expensive. Earlier, 15% duty was levied on gold import. Now 20 percent has been made. Businessmen say that the jewelry market is quiet after the gold price has heated up the market. Since the price of gold has gone up, more people have come to sell gold than to buy it.

Gold trade was not as expected in Teej due to price fluctuations. Dasain-Tihar is also coming, if this is the case, the jewelry market will collapse," said Vice President Vajracharya. Currently, according to the quota system, commercial banks are allowed to sell 20 kg of gold per day. According to the data of the customs department, gold was imported worth 23.65 billion in the last financial year. According to the Department, in July of the current financial year, gold was imported worth 1.42 billion.