Sharp fall in price of gold and silver after slashing of customs duty

Kathmandu, Nov 25: 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 the Federation of Nepal Gold and Silber Dealers’ Association, the price of hallmark gold has been determined at Rs 151,300 per tola today.

It was traded at Rs 167,200 per tola on Sunday. Similarly, the silver was traded at Rs 1,960 per tola on Sunday and its price is fixed at Rs 1, 845 per tola today. This heavy drop in bullion price follows the reduction of customs duty on gold import from 20 percent to 10 percent, according to the Federation.

Similarly, the customs duty of 15 percent on silver import has been reduced to 10 percent. The government reduced the customs rate on gold and silver to check smuggling of gold from India to Nepal.