April 25: Nepal imported more gold in between mid-March and mid-April of the current fiscal year than the average import in other months. In other months of the current year,  gold worth Rs 2.14 billion in average  was being bought into the country from abroad. However, in April,  gold worth Rs 3.27 billion was imported.
According to the data released by the customs department, 460 kg of gold has entered Nepal in the review month. On an average, 300 kg of gold has been imported each month this year.

However, according to the customs department, the import of gold has surged between mid-March and mid-April. It is due to the wedding season. In Nepal, the number of weddings is higher in the months of April and May.
Marriages in Nepal are believed to be incomplete without gold.   Due to this belief, gold consumption is high in Nepal during the wedding season. Therefore, gold imports have been increasing in April.

President of the Federation of Nepal Gold and Silver Dealers Association Manika Ratna Shakya said that the import of gold has increased due to the wedding season.

"Gold consumption is higher in April due to the wedding season. Given the same situation, we have increased the import of gold than in the previous month," he said.

He said that more than 500 kg of gold has been imported in the first week of April alone. Shakya estimates that the gold business is likely to go up if the surge in coronavirus remains under control.
The import volume of gold has been increased from 10 kg per day to 20 kg compared to last April.  
Commercial banks enjoy the right to import gold in Nepal. Banks have been importing gold in collaboration with the Federation of Nepal Gold and Silver Dealers Association.
In the current fiscal year, gold worth Rs 19.31 billion has been shipped in, which is 43.46 percent more than the corresponding period of last year.
According to the customs department, gold entrepreneurs have imported 2,760 kg of gold in the current fiscal year.
Gold business in Nepal had come to a standstill during the start of the current fiscal year as the economy was hit by the coronavirus pandemic and the price of gold had also skyrocketed. However, import of gold is on the rise recently due to the open market demand.