KATHMANDU, May 31: The new customs duty provision on gold introduced in the budget for the Fiscal Year (FY) 2026/27 has triggered the price of the precious metal massively on Sunday, with an unprecedented single-day jump in gold price by Rs 20,500 per tola.
According to the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA), gold is being traded at Rs 311,100 per tola today, marking an increase of Rs 20,500 per tola. On Friday, gold was traded at Rs 290,600 per tola.
Revised interest rate corridor system introduced
As per the FENEGOSIDA, the revision in customs duty on gold import has impacted the price of the precious metal. Through the annual budget for the next FY, the government has doubled the customs rate to 20 percent.
As Finance Minister Swarnim Wagle, raises the customs duty rate from 10 percent to 20 percent, he removes the two percent luxury tax on gold in the name of providing relief to the stakeholders. In addition, the budget has also imposed a 0.50 percent skill promotion fee for gold buyers.
As the taxations including the customs rate come into effect immediately, the government has enforced the new rate to the effect from Sunday, the first trading day following the announcement of the annual budget on May 29. During the period, the price of gold in the international market increased nominally by 0.84 percent.
Along with gold, silver prices jumped by a large range due to the impact of the new customs rate. Silver, which was traded at Rs 5,040 per tola on Friday, has been fixed with a new rate of Rs 5,345 per tola, an increase of Rs 305 per tola.
