December 15: The import of gold witnessed a dramatic rise in mid-October to mid-November after a slump in the initial months of the current fiscal year due to price hike.
The country imported gold worth Rs 60.5 million in the first three months of the current FY. But the import rose to Rs 2.75 billion within a month in between October and November due to the marriage season. However, the import of gold ahead of the marriage season this year was still 35 percent less than the import in the corresponding period of last FY.
According to the Trade and Export Promotion Centre, Nepal imported gold worth Rs 3.7 billion during mid-October to mid-November last year.
Commercial banks reportedly imported a huge amount of gold for the marriage season this year. Nepal Bankers Association said that the banks imported 500 kg of gold worth around Rs 3 billion during the review period.
Only commercial banks are authorized to import gold in Nepal.
The price of gold in Nepal has been fixed as per the price in the international market. The price of gold has been skyrocketing in the international market due to the trade war between the USA and China since a year. And Nepal could not remain an exception.
Until six months ago, the price of gold in Nepal was Rs 60,000 per tola (11 grams approx.). However, the price rose to a peak of Rs 73,500 per tola in the current fiscal year. The price has slightly dropped to Rs 70,000 at present.