Nepal’s gold market witnessed a historic surge on Sunday, with the price of fine gold jumping by Rs 20,500 per tola in a single day to reach Rs 311,100 per tola, according to the Federation of Nepal Gold and Silver Dealers' Association (FENEGOSIDA).
The dramatic increase is one of the largest one-day price hikes seen in recent years. Just a day earlier, fine gold was trading at Rs 290,600 per tola.
Similarly, Tejabi gold also recorded a sharp rise of Rs 20,500 per tola, reaching Rs 310,400 per tola, up from Rs 289,900 per tola on the previous trading day.
Silver prices also moved higher, gaining Rs 305 per tola to reach Rs 5,345 per tola, compared to Rs 5,040 per tola a day earlier.
The sharp increase comes immediately after the government's budget announcement on Friday, which introduced major changes to the taxation of precious metals. The budget doubled the customs duty on gold from 10% to 20%, significantly increasing the cost of importing gold into the country.
While the government removed the existing 2% luxury tax on gold, it simultaneously introduced a 0.50% skill promotion fee, adding to the overall cost burden. According to bullion traders, these tax revisions were the primary reason behind the record-breaking jump in gold prices, as international gold prices saw only a modest increase during the same period.
The budget also doubled the customs duty on silver from 10% to 20%, contributing to the rise in silver prices across the domestic market.
The latest tax measures are expected to have a significant impact on gold and silver traders, jewelry businesses, and consumers, potentially affecting demand in Nepal's precious metals market in the coming months.
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