Kathmandu: The price of gold and silver has fallen sharply after the government reduced the customs rate. The price of gold has decreased by Rs 15,900 per tola (11.66 grams) in the domestic market today.
According to National News Agency Nepal, the Federation of Nepal Gold and Silver Dealers’ Association has determined the price of hallmark gold at Rs 151,300 per tola today, down from Rs 167,200 per tola on Sunday. Similarly, silver was traded at Rs 1,960 per tola on Sunday, and its price is fixed at Rs 1,845 per tola today.
This significant drop in bullion prices follows the reduction of customs duty on gold imports from 20 percent to 10 percent. The Federation reports that the customs duty on silver import has also been reduced from 15 percent to 10 percent. The government implemented these changes in customs rates to curb the smuggling of gold from India to Nepal.