Kathmandu, November 25
The price of gold in Nepal has dropped by Rs 15,900 per tola after the government reduced the customs duty. The Nepal Gold and Silver Dealers’ Association set the price of gold at Rs 151,300 per tola on Monday, a sharp decrease from Rs 167,200 per tola on the previous day.
“The adjustment in prices was made after the government reduced the customs duty on gold to 10%,” said Arjun Rasaili, President of the Association. The government slashed the customs duty on gold from 20% to 10%, with the impact reflected in Monday’s pricing.
Silver prices also saw a decline, dropping by Rs 95 per tola. The Association set silver at Rs 1,845 per tola for the day, down from Rs 1,940 per tola the previous day. The customs duty on silver was similarly reduced from 15% to 10%.
“The decision to lower the duty aims to curb gold smuggling from India into Nepal,” stated Harisharan Pudasainee, Director General of the Customs Department. Previously, the government had increased the customs duty on gold from 15% to 20% in the last budget.
Meanwhile, India reduced its customs duty on gold during its budget announcement, making gold cheaper in India and more expensive in Nepal. This disparity has raised concerns about increased gold smuggling and a sharp decline in the import of gold through formal channels in Nepal.
