KATHMANDU, Nov 25: The price of gold dropped significantly by Rs 15,900 per tola in the domestic market on Monday, following the government’s reduction of the customs duty.
The Federation of Nepal Gold and Silver Dealers' Associations has fixed the price of gold at Rs 151,300 per tola on Monday. On the previous day, it was traded at Rs 167,200 per tola, up by Rs 1,700 per tola.
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The smuggling of gold had been increasing in Nepal due to higher customs duties compared to India. On Sunday, the government reduced the customs duty on gold imports from 20 percent to 10 percent.
The gold duty was increased from 15 to 20 percent in Mid-May to Mid-July. After that, the price of gold rose to Rs 6,000 per tola in one day.
Meanwhile, the price of silver has also decreased by Rs 115 per tola. Silver is being traded at Rs 1,845 on Monday. On the previous day, it was traded at Rs 1,960.
