The precious yellow metal price has hit a new historic high record of Rs 65,800 per tola – due to hike in the price in the international market – today.
Last time the gold price has hit Rs 65,500 a tola on July 19 – the same level it had first reached on June 25 – but the spike in gold price in the international market has pushed the price in the domestic market too, according to the Federation of Nepal Gold and Silver Dealers’ Association (Fenegosida).
As the US has hiked customs duty on goods imported from China, the price of gold is going up, the association said, adding that investors have flocked to safe haven investments as the trade discussion between China and the US is going nowhere. The price also went up after the Reuters news agency reported that gold price rose after US President Donald Trump said he would impose additional tariffs on Chinese imports, renewing trade tensions between the two countries, dragging the dollar down from two-year highs and sending bond yields lower.
According to former president of Fenegosida Mani Ratna Shaky, the gold price in international market determines the domestic price ans it is not certain that the price in the onternational market wil go down any time sooner.
The government, through the budget for fiscal year 2019-20, has also increased the import duty on gold by Rs 800 per 10 grams making the gold importers pay import tax of Rs 5,000 per 10 grams, against Rs 4,200 per 10 grams earlier.
Last time the gold price has hit Rs 65,500 a tola on July 19 – the same level it had first reached on June 25 – but the spike in gold price in the international market has pushed the price in the domestic market too, according to the Federation of Nepal Gold and Silver Dealers’ Association (Fenegosida).
As the US has hiked customs duty on goods imported from China, the price of gold is going up, the association said, adding that investors have flocked to safe haven investments as the trade discussion between China and the US is going nowhere. The price also went up after the Reuters news agency reported that gold price rose after US President Donald Trump said he would impose additional tariffs on Chinese imports, renewing trade tensions between the two countries, dragging the dollar down from two-year highs and sending bond yields lower.
According to former president of Fenegosida Mani Ratna Shaky, the gold price in international market determines the domestic price ans it is not certain that the price in the onternational market wil go down any time sooner.
The government, through the budget for fiscal year 2019-20, has also increased the import duty on gold by Rs 800 per 10 grams making the gold importers pay import tax of Rs 5,000 per 10 grams, against Rs 4,200 per 10 grams earlier.
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