The cost of a tola of gold dropped by 2,300 rupees.

On Tuesday, the price of gold, which had reached a record on Monday, dropped by Rs 2,300 per tola. As per the Federation of Nepal Gold and Silver Traders, the cost of gold that has been printed in Nepal has stayed at 147,700 rupees per tola on Tuesday.

Compared to Monday, this pricing represents a decrease of 2,300 rupees per tola. The federation set it at Rs 1 lakh 50 thousand per tola on Monday. Tejaratna Shakya, the previous president of the Federation, claimed that local market prices fell in tandem with the downturn in the global market.

"Gold has been sold on the worldwide market due to the strength of the dollar, which is also the cause of the price decline. Gold was sold to recoup earnings, which is another reason, according to Shakya. "Mostly as a result of this, the price of gold on the international market has dropped by forty-four US dollars per ounce in a single day."

Shakya claims that the international market was trading at 2455 dollars per ounce on Monday when the price was decided. According to Shakya, the price per ounce was 2411 dollars when it was decided on Tuesday.

According to Bishnu Paudel, the Finance Minister and Deputy Prime Minister, the administration is prepared to lower the tax on gold and silver imports. He stated that following the required consultation with representatives of the Nepal Handicraft Federation, Nepal Gems and Jewelry Federation, and Nepal Gold and Silver Business Federation, a decision will be made shortly.

Additionally, he stated that the impact of India's customs rate cut and its effect on Nepal must be addressed immediately.

The Federation of Gold and Silver Traders President, Arjun Rasaili, stated that although customs in India have been lowered to 6%, there will be an imbalance in trade if Nepal maintains a 20% rate. He maintained that eight percent should be held in gold and six percent in silver.