Gold Prices Settle Down After Tihar Holidays: Gold Price Today in Nepal for 5 November 2024 (20 Kartik 2081)

Just last week, we saw gold prices in Nepal soar to a jaw-dropping all-time high of Rs. 170,700 per tola just before the Tihar festivities began. People were lining up, grabbing what they could, and speculating about where it would go next. But as the five-day festival of lights has wrapped up, it seems gold prices are taking a little post-festive breather.

Today, the price per tola has settled back down to Rs. 168,200—still glittering high, but giving a sigh of relief to buyers keeping an eye on those rising numbers. 

Let’s dive into today’s gold and silver prices, along with the legal framework regarding gold imports and establishment of gold businesses in Nepal.

Gold Price in Nepal Today –November 5, 2024 (20 Kartik 2081)

• 24K Fine Gold Price: Rs. 168,200 per tola

Comparison with the previous day:

• 24K Fine Gold Price Before Tihar (October 30): Rs. 170,700 per tola
• Price change: A decrease of Rs. 2,500 per tola over Tihar holidays.

Gold Prices Trend Recap:
On October 27, we saw the first signs of a sharp climb on gold prices, up to Rs. 167,400 per tola. Think of it as the warm-up lap before the race.

By October 30, the gold price in Nepal exploded to an all time high of Rs. 170,700 per tola, only to jump even higher to Rs. 171,000 on October 31. This record price held firm right through November 4. But, with Tihar festivities wrapping up, so did the frenzy. By November 5, gold prices cooled off, slipping down to Rs. 168,200, marking a return to normalcy after the holiday heat.

Silver’s prices, after dipping to Rs. 2,070 on October 25, bounced to Rs. 2,085 by October 27, only to slide down slightly to Rs. 2,065 on October 28. Then, in sync with Tihar season’s high demand, it leaped to Rs. 2,120 on October 30. But just as fast, it leveled off to Rs. 2,090 on October 31, staying there until November 4. Today, November 5, we’re seeing it down again at Rs. 2,030.

Silver Price in Nepal Today – November 5, 2024 (20 Kartik 2081)

• Current Silver Price: Rs. 2,030 per tola

Comparison with the previous day:

• Silver Price Before Tihar (October 30): Rs. 2,120 per tola
• Price change: An decrease of Rs. 90 per tola over Tihar holidays.

Legal Framework Regarding Gold Imports

Today, let’s understand the regulations related to gold imports in Nepal. You see, gold import is highly regulated in Nepal. Whether it is for business purposes or if you are bringing in some gold jewelry from abroad, you need to understand these legal aspects. Let’s start with the basics. 

The central bank of Nepal, Nepal Rastra Bank, regulates the import of gold by businesses in Nepal as the import involves payment in foreign exchange. As a result only entities with import licenses in coordination with the banks can import gold. And there is a daily limit too. 

But what if you want to bring in some gold from abroad? 

Well, in that case too, NRB has set import quotas. Typically, quotas are periodically reviewed based on market demand and supply. And then you are also required to pay customs duty. Here is more on the quota and customs duty: 

• For Gold: 1st 50 grams as per prevailing rate, next 50 grams as per prevailing rate + 3%.
• For Gold Jewelry: For men, 1st 25 grams, and for women, 1st 50 grams with no duty.
• For the next 50 grams, as per the prevailing rate, and for the next 100 grams, as per the prevailing rate + 3%.
• Gold above these limits will be confiscated, and ordinary-shaped jewelry such as bangles, rings, and necklaces made from unwrought gold will be classified as ordinary gold.

All foreign transactions related to the purchase of gold must comply with NRB’s foreign exchange regulations. You’ll need to ensure that funds used for imports align with NRB’s policies on foreign currency use. This is governed by Section 63 of the Nepal Rastra Bank Act, 2002.

If you have any questions regarding gold and silver in Nepal, do let us know in the comments below or by sending an email to [email protected]. And feel free to share this daily gold price update with your friends.