Gold price drops sharply after reduction in customs duty

KATHMANDU: The price of gold in Nepal’s local market has seen a significant drop following the government’s decision to lower the customs duty.

Today, the price of gold per tola has decreased by Rs 15,900.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the price of gold is set at Rs 151,300 per tola on Monday. On Sunday, gold was traded at Rs 167,200 per tola.

Similarly, the price of silver has also declined. Today, silver is being traded at Rs 1,845 per tola, down from Rs 1,960 per tola the previous day.

The price reduction follows last Thursday’s Cabinet decision to slash the customs duty on gold from 20% to 10%.