Gold delivers 17.72 per cent return in Nepal over a year, but remains below record high

Kathmandu, November 10 Gold has delivered a 17.72 per cent price return in Nepal over the past year, rising from Rs 241,500 per tola on November 10 last year to Rs 284,300 per tola currently. However, the precious metal has fallen considerably from its record high. On January 29 this year, gold reached Rs 339,300 per tola, the highest price ever recorded in the Nepali market. It has since dropped by Rs 55,000 per tola.

While gold prices in Nepal increased by 17.72 per cent over the year, the rise in the international market was just 3.54 per cent. The higher increase in Nepal has been attributed to a customs duty hike and the appreciation of the US dollar. Through the latest budget, the government raised customs duty on gold from 10 to 20 per cent. Silver has delivered an even higher return over the same period, gaining 25.77 per cent.

Its price increased from Rs 3,065 per tola on November 10 last year to Rs 3,855 currently. Silver also reached a record high of Rs 7,505 per tola on January 29. Since then, its price has fallen by Rs 3,650 per tola, almost half its peak value.