Gold price drops by Rs 3,400 per tola

 The price of precious yellow metal dropped by Rs 3,400 per tola (11.66 grams) in the domestic market today.

According to Federation of Nepal Gold and Silver Dealers Association (Fenegosida), hallmark gold is being traded at Rs 94,800 per tola and Tejabi (worked) gold is being traded at Rs 94,300 per tola today.

In the wake of coronavirus vaccine success news, the gold price has dropped, the association said, adding that the price may further drop, if the vaccine comes to market in near future. “Likewise, the price of silver has also dropped by Rs 70 and is traded at Rs 1,215 per tola today.”

The market witnessed a drop in gold and silver prices as a vaccine company Pfizer claimed that its Covid-19 vaccine is over 90 per cent effective against the virus, the association added.

Gold price hits Rs 102,500

 The precious yellow metal has made yet another record at an all-time high of Rs 102,500 per tola (11.664 gram) in the domestic market today.

Federation of Nepal Gold and Silver Dealers’ Association (Fenegosida) confirmed an increase of Rs 1,100 per tola on fine gold in a day to hit the historic high price of Rs 102,500 per tola. “The price of tejabi gold stands at Rs 102,000 per tola, which also increased by Rs 1,100.”

The Federation had earlier estimated that the gold price may surge as high as Rs 150,000 per tola by October. The price of silver has also increased to Rs 1,345, showing an increase of Rs 50 per tola, in a day. Prior to this, the silver price had peaked at around Rs 1,300 per tola in 2013.

Gold price hits ‘historic’ high

The price of precious yellow metal has hit a historic high of Rs 101,400 per tola (11.664 gram) today.
According to the Federation of Nepal Gold and Silver Dealers’ Association, the new price of fine gold today is set at Rs 101,400 per tola with an increase of Rs 1,600 in a day from yesterday.
Gold was traded for Rs 99,800 per tola on yesterday. The price jumped by a whopping Rs 1,600 in a single day.
Likewise, silver is traded at Rs 1,295 per tola today up by Rs 65 yesterday. Its price was Rs 1,230 per tola on Tuesday. The price of silver has seen a consistent rise since the market resumed in June.
“In the international bullion market, spot gold rose in early trade and touched a fresh record of $2,025.76 per ounce, which is 33 per cent higher so far this year,” according to the international market.
Gold price has been continuously increasing in recent months amid the surge in coronavirus transmission. However, the price has crossed the six-digit mark in the local bullion market for the first time in the midst of a faltering global economy. Gold tends to gain when political and economic uncertainties are high, according to the Federation of Nepal Gold and Silver Dealers’ Association former president Tej Ratna Shakya. “Investors have been fleeing to ‘safe haven’ assets as the pandemic shows no signs of abating,” he said, adding that investors around the world pours their money into the precious metal as the fall in demand for oil and stock prices has made them turn to gold. “Even before the pandemic began in January, the trade war between the United States and China had already started pushing gold prices upwards, as returns on investment were becoming uncertain, and gold is considered a safe haven asset.”
The depreciating value of Nepali currency compared to the US dollars has also been attributed for the gold price hike in Nepal.

Gold price hits new record high of Rs 96,300 per tola

Gold price hit a new record high of Rs 96,300 per tola (11.664 grams) with the increasing price in the international market due to worsening US-China row. The dispute is feared over the hit to a global economy already reeling through the coronavirus pandemic.
The Federation of Nepal Gold and Silver Dealers' Association (Fenegosida), which fixes the price of precious metals in the domestic market, hiked the price of gold by Rs 500 per tola today to set a new record high. The precious yellow metal – in the last five months – has become expensive by Rs 17,500 per tola, an increase of over Rs 3000 per months, the association said, adding that the price on February 24 – a month before Nepal imposed nationwide lockdown – stood at a record high of Rs 78,800 per tola.
The soaring price of gold in the international market is attributed to the investors resorting to the precious metal as a safe landing following the dwindling global economy by the impact of coronavirus and the deepening tension between two giant economies; the US and China.
The price of precious metals in the international market and the exchange rate of US dollar against the Nepali Rupee are the two reasons behind the price revision in the domestic market. Apart from the two reasons, gold price is further affected by the government’s decision to hike the duty through the budget for the current fiscal year 2020-21. The government has increased the customs duty on gold import by Rs 2,000 to Rs 8,500 per 10 grams and silver by Rs 1,000 per kilogram to Rs 8,500.
The the precious metal price increased by 5 per cent in the last week alone, the largest weekly gain in gold price since 2011, according to the international media. “The gold price hovers around $1,906 per ounce in the international market.”
Along with precious yellow metal, silver has also set a record high price of Rs 1,155 per tola in the domestic market. 

Gold price sets new record by trading at Rs 76,000 per tola

The price of precious yellow metal today set a new record by increasing Rs 1000 per tola overnight to be traded at Rs 76,000 per tola (11.667 gm), according to the Federation of Nepal Gold and Silver Dealers’ Association (Fenegosida).
The gold price was fixed at Rs 75,000 per tola yesterday but it soared by Rs 1000 overnight in the global markets due to escalating tensions between the United States and Iran after Iran's top military officer killed in the US airstrike a few days ago, the association said, adding that the conflict has forced investors to turn to safe havens like gold.
The price of gold has been rising steadily in the domestic market since July. It had climbed to Rs 73,500 per tola on September 4 and December 31 last year.
The rising price of the gold has, however, pulled down demand of gold in the domestic market. According to the association, the daily demand for gold used to be around 50 kg during this season but with the rising price the demand has dropped to more than half.

Gold price soars to record high of Rs 75,500 per tola

Increasing by Rs 1,000 overnight, gold price has set a new record of Rs 75,500 per tola (11.664 gram) in the domestic market today.
According to the Federation of Nepal Gold and Silver Dealers’ Association (Fenegosida) confirmed that the precious yellow is traded at Rs 75,500 per tola today, from yesterday’s Rs 74,500 per tola.
Gold price has been breaking its own record every day due to tensions amid middle east after Iran’s top military commander was killed in an airstrike. The price went up for the third time this week between December 29 and January 4, the association informed, adding that the gold price was fixed at Rs 73,300 per tola on Sunday and remained constant on Monday. “But on Tuesday, gold price went up by Rs 200 a tola to be traded at Rs 73,500, and remained constant till Thursday,” it said, adding that however, on Friday gold price rose sharply by Rs 1,000 per tola to close the trading week at Rs 74,500 per tola.
The Iran-US conflict led investors to invest in gold – which is considered a safe haven investment –pushing up the price of gold in the international market. The increase of the gold price in the international market subsequently pushes the domestic market price too, apart from the rising US dollar against Nepali rupee that also pushed gold price up in Nepal.
Last June, gold was traded at Rs 59,500 per tola following a jump in prices due to trade tensions between the US and China and also a hike in Nepali import duty by Rs 800 per 10 gm. The customs duty was again raised by Rs1,500 per 10 gm in November.

Gold hits new record of Rs 74,500 a tola

The price of gold hit a new record of Rs 74,500 per tola (11.664 grams) in the domestic market today.
The price of precious yellow metal has increased by Rs 1,000 in a single day to set a new record, according to Federation of Nepal Gold and Silver Dealers' Association (Fenegosida). Gold was traded at Rs 73,500 yesterday.
There are more chances of gold price increasing in coming days, the association informed, adding that the price of gold will increase further to touch Rs 80,000 a tola due to conflict between Iran and America. “Likewise, fluctuations in Indian currency will also push the price of gold higher up.”
Earlier, the price of gold was recorded high on September 4 and December 1 at Rs 73,500 per tola.

Gold price up by Rs 600 per tola

The price of gold increased by Rs 600 per tola (11.664 grams) and traded at Rs 72,800 per tola today at the domestic market.
Gold was available for Rs 72,200 yesterday, a rise of Rs 300 per tola compared to Monday, according to the Federation of Nepal Gold and Silver Dealers' Associations (Fenegosida).
The gold price climbed to a record high of Rs 73,500 per tola on September 4. Before July, gold price hovered around Rs 60,000 per tola, and in last 6 months, the price has gone up by 13,000 per tola, the association informed.

Government increases customs duty on gold

The government has increased customs duty on gold and silver to prevent smuggling of the precious metals.
A cabinet meeting, last week, decided to increase customs duty on gold and silver imports in line with the budget speech for the current fiscal year. “The decision officially came into effect from today,” according to Federation of Nepalese Gold and Silver Dealers Association (Fenegosida).
The cabinet meeting – on the recommendation of Finance Ministry – hiked customs duty on import of raw gold to Rs 7,500 per 10 grams for up to 50 grams and to Rs 8,500 per 10 grams for imports of above 50 grams and up to 100 grams, the association said, adding that according to the new law, individuals can bring up to 100 grams of raw gold while returning from abroad. “Earlier, the government was levying customs duty of Rs 6,200 per 10 grams for up to 50 grams and Rs 7,200 per 10 grams on additional 50 grams of the imported raw gold.”
Likewise, for gold jewellery, the government has raised customs duty to Rs 8,500 per 10 grams for up to 50 grams from Rs 7,200 and to Rs 10,000 per 10 grams for additional import of up to 100 grams from Rs 9,000.
Customs duty on silver has also been raised to Rs 75 per 10 grams from Rs 56 per 10 grams, the association informed, adding that the government – through the budget speech for current fiscal year 2019-20 – has increased customs duty on gold.
Similarly, the price of gold increased by Rs 1,100 per tola, in a single day today in the domestic market though the price is decreasing in the international market. According to the Fenegosida, the precious yellow metal has been traded for Rs 71,000 per tola today. Gold was traded at Rs 69,900 per tola on Saturday.
In the international market, gold was traded at $1,459 per troy ounce today, down from Friday's $1,462 per troy ounce.
Had the government not increased customs, the price of the precious yellow metal would have cost Rs 1500 less in a toal, based on the international price. The government increased the customs as the price of gold has been cheaper in the Nepali market compared to India. “As the two countries share open border, hike in customs duty was needed to prevent smuggling of gold to India," the Fenegosida added. “India has been levying 12 per cent customs duty on gold, whereas the customs duty on gold imports in Nepal has reached 13 per cent, with the hike.”

Gold price drops by Rs 900 per tola

The price of precious yellow has today declined by Rs 900 to Rs 72,600 per tola (11.664 gram).
According to the Federation of Nepal Gold and Silver Dealers’ Association (Fenegosida), the price of gold has dropped to Rs 72,600 per tola from the historic record high price of Rs 73,500 per tola yesterday.
Likewise, the silver was traded at Rs 860 per tola today. 

Gold price soars to reach Rs 73,500 per tola

The precious yellow metal –that has been breaking its record price every day – has set a new record of Rs 73,500 per tola (11.664 gram) in the domestic market today also.
The price of fine gold has reached Rs 73,500 per tola, confirmed the Federation of Nepal Gold and Silver Dealers’ Association (Fenegosida).
Due to trade war between US and China, the price of the gold may continue to set new record high, the association said, adding that the international market price will push the price in the domestic market too. 

Gold price hits a new record

The price of precious yellow metal has set a new record today in the domestic market by rising Rs 1,200 per tola (11.664 grams) overnight to be traded at Rs 72,500. “The gold is being traded at 72,500 per tola today at the domestic market,” according to Federation of Nepal Gold and Silver Dealers’ Association (Fenegosida) that fixes reference price for gold dealers across the country every day. “Similarly, the price of silver has also increased by Rs 25 per tola today, making it Rs 850 per tola.”
As the American Federal Reserve lowering the interest rate for the first time in years, the price of gold in the international market has sharply increased,” the association said, adding that the domestic market has witnessed a sharp rise in the gold price due to rise in the international market.
The precious yellow metal was traded for Rs 71,300 per tola on Friday.
The price has been rising in line with the international market and American Federal Reserve Bank's recent cut in interest, US-China trade war, and current Kashmir tension, the association said, adding that due to continuous rise in price, the daily demand has been dropping with only 10 per cent daily demand. “The daily demand of gold that used to stand at 35 kg per day has dropped to around 3 kg per day.”

Gold price increased by Rs 1,200 per tola

The precious yellow metal price – that has been continuously on rise since last few days – has increased by 1,200 per tola (11.333 grams) today to be traded at Rs 71,500 per tola. The bullion was traded at the cost of Rs 70,300 per tola yesterday, according to the Federation of Nepal Gold and Silver Dealers' Association (Fenegosida).
The continuous rise of gold price in the domestic market is due to the effect of international market, the association aid, adding that Rs 71,500 per tola is the new high in six years.
The bullion – after reaching a new high of Rs 71,000 per tola on Tuesday – dropped by Rs 700 per tola to Rs 70,300 yesterday. However, the price correction did not last a day, and recorded Rs 1200 rise per tola in a day, today. Escalation of trade war between the US and China, recent decision of the Federal Reserve to cut its interest rates and uncertainty over the global economy contributed to the rise of gold price in the international market, according to the association that has directly hit the price in the domestic market. As the domestic gold market is totally dependent on imports, fluctuation in gold prices in the global immediately affects the domestic market. Investors prefer buying gold whenever there is turbulence, putting pressure on its price as the precious yellow metal is perceived as a safe haven.
With the rise in price, the gold dealers are flooded with customers to sell their gold instead of buying pressure on the eve of festive season like Teej.
Prior to this, gold price had reached a peak in 2009 when it was priced at Rs 63,300 a tola. After that the price had even declined to as low as Rs 47,800 per tola in 2015. However, gold price again set a new record on June 20 to be priced at Rs 64,000 a tola.

Gold hits historic high of Rs 70,300 per tola

The price of precious yellow again hit a new record high of Rs 70,300 per tola (11.664 grams) in the domestic market today.
The price of bullion increased to Rs 71,000 per tola today, according to the Federation of Nepal Gold and Silver Dealers' Association (Fenegosida).
Likewise, the price of silver also increased by Rs 10 to be traded at Rs 835 per tola today, the association said.
Gold price in domestic market is directly related to the price in the international market, and the price in the international market has been looking up due to Sino-US trade war and US Federal Reserve's decision to lower the interest rate by 25 basis points for the first time in a decade. On top of surging international price, the domestic bullion market is also looking up due to the fiscal policy – for the fiscal year 2019-20 – that has hiked the duty for the gold by Rs 800 per 10 grams fom the beginning of the fiscal year.
The regular surging price has an adverse impact in the bullion market, according to the Fenegosida. “The jewelry shops are deserted and little customers, who visit the shop are visiting to sell their gold holdings rather than to buy,” the association added.
On Monday, the gold was traded at a record high price of Rs 70,000 per tola.

Gold sets historic record of Rs 70,000 per tola

The precious yellow metal price – that has been rising since the last few weeks – set a new record of Rs 70,000 per tola (11.664 grams) in the domestic market today, as it continued to rise on the sixth consecutive day today.
The price of gold surged by Rs 500 per tola today to reach Rs 70,000 per tola – for the first time in Nepal – confirmed Federation of Nepal Gold and Silver Dealers’ Association (Fenegosida). “The gold price has increased by Rs 4,500 a tola in the last three weeks.”
The hike in gold price in the domestic market is mainly due to rise in the price of the precious metal in the global market. The trade dispute between the United States and China, along with increased tariffs by the US on Chinese goods resulted in investors flocking to gold, which is considered a safe investment, pushing the gold price is expected to rise further. “Government decision to hike import tax on gold has also made gold dearer in the domestic market,” the bullion traders said, adding that the government – through the budget for fiscal 2019-20 – had increased the import duty on gold by Rs 800 per 10 grams. “Thr gold importers now have to pay import tax worth Rs 5,000 per 10 grams, against Rs 4,200 per 10 grams earlier.”
Due to continuious surge in the price, the daily demand of raw gold in the domestic market has gone down to less than 10 kg from the normal market demanded of almost 30 kg of raw gold daily, according to the federation. “Due to falling demand, the commercial banks have also stopped importing gold temporarily.”
According to Nepal Bankers’ Association (NBA), commercial banks have almost 560 kg gold in stock.
With gold prices following a high trajectory, the bullion traders said the value could reach up to Rs75,000 per tola. On Wednesday, gold soared over 2 per cent to break the $1,500 barrier for the first time in over six years.
Similarly, the price of silver has also increased by Rs 15 to reach Rs 825 per tola.

Gold price continue to set new record price

The price of precious yellow metal continued to set a new record in the domestic market today too.
The gold price increased by Rs 1,500 to trade at Rs 67,800 per tola (11.664 gram) – to set record an all-time high – in the domestic market, according to the Federation of Nepal Gold and Silver Dealers’ Association (Fenegosida).
The price of gold had reached to Rs 66,300 yesterday – an increment by Rs 500 from a day ago – the federation said, adding that the price of silver has also increased by Rs 20 to reach Rs 795 per tola. “The US Federal Reserve has lowered the interest rate for the first time in years pushing the price in the international market up and subsequently pushing the price up in the domestic market.

Gold price sets yet another record high of Rs 66,300 per tola

The precious yellow metal is traded at a record high of Rs 66,300 per tola (11.664 grams) in the domestic market today.
Gold was traded at Rs 65,800 per tola yesterday, according to the Federation of Nepal Gold and Silver Dealers’ Association (Fenegosida). “The gold price had increased by Rs 800 per tola yesterday compared to a day ago on Friday,” said the federation that fixes the reference price for gold in the domestic market. The federation attributed the continuous hike in gold prices in the domestic market to the global market due to escalating trade war between the US and China. “The price had climbed up by Rs 200 last Monday before shedding Rs 400 per tola two days later.”
According to former president of the federation Tej Ratna Shakya, “US President Donald Trump’s statement to impose 10 per cent tariffs on another $300 billion worth of Chinese goods starting September 1 has pushed the gold price up. “Global investors are attracted toward bullion which is considered a safe haven for investment when interest rates and dollar are on a downward trend, making the precious yellow metal dearer.”
The decision of the US Federal Reserve Bank to cut interest rate by 0.25 per cent on Wednesday has also impacted the global gold market,” he said, adding that global stocks are on a downward trend and the Indian Currency (IC) is also weakening compared to the US currency due to the Fed decision. “As the Nepali rupee is pegged with the Indian rupee, weakening Indian currency directly affects Nepal’s gold market.”
With the continuous surge in the price, the daily demand for gold in the domestic market has also come down by 75 per cent. Normally, the domestic market consumes at around 35 kg of gold per day, according to the federation.
The dealers buy gold from the commercial banks. The commercial banks can sell a maximum of 20 kg of gold to dealers in a day. According to the central bank, commercial banks imported Rs 29.04 billion worth gold in the first 10 months of fiscal year 2018-19. But the commercial banks are also finding it difficult to sell gold due to rising price.
In the fiscal year 2017-18, commercial banks had imported gold worth Rs 32.2 billion, whereas gold imports stood at Rs 27.43 billion in the fiscal year 2016-17, according to the central bank.

Gold sets new record high of Rs 65,800 a tola

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.

Gold price touches Rs 65,500 per tola

Gold was traded at Rs 65,500 per tola (11.664 grams) – the highest in the domestic market – today . It was priced at Rs 65,000 a day ago.
The precious yellow metal had made the record of Rs 65,500 per tola on June 25 this year. According to past president of the Federation of Nepal Gold and Silver Dealers' Association (Fenegosida) Tej Ratna Shakya attributed the fluctuation in international market for the price hike in the domestic market.
"The low US currency is one of the reasons for the increase in gold price," he said adding that the price hike in the domestic market is directly related to the US-China trade war. “The gold price in the international market increased by $20 today and $15 yesterday.”
With the increasing price, the demand of gold in the local market has also decreased. The daily demand of gold was hardly 10 kg at the moment, and if the price were under Rs 60,000, the fall in demand would not be this sharp, he said, adding that the daily demand of gold in the Nepali market stands at 35 kg during normal times.
Prior to today, gold was traded for a minimum of Rs 64,300 per tola and a maximum of Rs 65,000 per tola this month.

Gold demand drops due to price hike

Demand of precious yellow metal – in the domestic market – has gone down by 45 per cent despite the weeding season.
Due to the significant rise in the gold prices in the market, the demand has been affected in the wedding season too, said former president of Federation of Nepal Gold and Silver Dealers’ Association (Fenegosida) Tej Ratna Shakya.
“Earlier the market demand used to be around 25 kilo per day during the wedding season, he said, adding that the the demand has dropped down to by 45 per cent – compared to last year’s wedding season – to around 10 to 12 kilo a daily. “Not only the demand has dropped but the people are also willing to sell their gold ornaments instead of buying new jewelries due to price hike.”
Gold traders are not willing to open their shops due to increasing gold jewellery sellers in the high season, he added. “The domestic market is witnessing some 25 kilo of old gold jewelleries trade per day at present compared to only 5 kilo in before the price increased.”
Though, the price of gold has remained almost stable at Rs 65,000 per tola (11664 gram) in the domestic market this week, the price of gold might go as high as Rs 80,000 per tola due to US-China trade dispute, which has pushed the price of precious yellow metal in the international market. The change in the price of gold in the international market directly changes the price in the domestic market that fixes price everyday based in the international market.