KATHMANDU, Feb 15: Gold prices in the Nepali market have surged by Rs 2,100 per tola within a week. From February 7 to February 14, the price of fine gold climbed to Rs 170,200 per tola.
Last Friday, fine gold was priced at Rs 168,100 per tola, but by this Friday, it had increased to Rs 170,200 per tola.
According to the Federation of Nepal Gold and Silver Dealers' Associations (FENEGOSIDA), fine gold was priced at Rs 168,200 per tola on February 9, Rs 169,600 on February 10, and Rs 170,200 on February 11. On February 12, however, the price dropped to Rs 167,500 before rising again. On February 13, gold reached Rs 169,800 per tola and continued its upward trend, reaching Rs 170,200 on February 14.
This price is nearing a record even after the reduction in customs duty. Prior to the reduction, gold prices had hit Rs 171,000 per tola. Following the Cabinet meeting on November 21, the customs duty on gold and silver was set at 10 percent. The decrease in the duty from 20 percent to 10 percent led to a drop in gold prices. After the Cabinet's decision was published in the Gazette on November 24 and implemented on November 25, gold prices experienced a significant decline.
Last fiscal year, the customs duty on gold was 10 percent, but then-Finance Minister Barshaman Pun increased it through the budget. This decision was later reviewed and implemented.
After the revision, gold prices stabilized around Rs 150,000 per tola for some time, but have steadily risen since. The increase in global gold prices has influenced the local market. Experts suggest that if the upward trend in the international market persists, local gold prices could reach new record highs.
Meanwhile, silver prices have fallen this week. According to FENEGOSIDA, silver prices dropped by Rs 15 over the week. On February 7, silver was priced at Rs 1,985 per tola, then dropped to Rs 1,960 on February 9, Rs 1,975 on February 10, and Rs 1,930 on February 11. On February 13, the price increased to Rs 1,965, and by February 14, it settled at Rs 1,970 per tola.