used gold price hits all time record high at Nepal

KATHMANDU: Gold prices in Nepal hit an all time record high of Nepal Rs 56,000 per tola on Friday.

 

Scrap gold or used gold prices also climbed and hit new record in local market as used gold was traded at Rs 55,790 per tola.
According to Nepal Gold and Silver Dealers' Association (NEGOSIDA) hallmark gold was traded at Rs 56,000 per tola, breaking the records of last December 1, 2011 of Rs 55,800.
The Association said country's gold market is witnessing a shortage of around 30 kg per day as the supply is only around 10 kg while the demand is for 40 kg.
However, price of silver has decreased Rs 5 per tola to Rs 1,070.
Analysts attributed the increase in gold to government decision to increase duty in gold imports.
Nepal had increased import duty on gold to Rs 1,500 per gram and duty on silver has been fixed at Rs 4,600 per kg.
Earlier, the traders were paying Rs 1,749 duty while importing gold but from today the rate of duty has been increased to Rs 2,682.