Kathmandu, July 10
Gold prices in Nepal have remained unset for the past week following protests by jewellery traders. The Federation of Nepal Gold and Silver Dealers’ Association, which typically sets daily gold rates, has stopped doing so since July 3.
Dharma Sundar Bajracharya, Senior Vice President of the Federation, said prices have not been made public due to a nationwide shutdown of jewellery shops in protest. “Jewellery stores across the country are closed. We’re in protest. With no transactions taking place, there’s no point in publishing prices,” he said.
On July 3, gold was traded at Rs 192,100 per tola. Since then, international market prices have slightly declined. The protest was sparked by provisions in the new Financial Bill, which imposes a 2% luxury tax on gold jewellery purchases and a 13% VAT on precious stones and diamonds.
Traders argue that the 2% tax on gold jewellery would lead to an overall 6% price hike, encouraging illegal trade.
