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US President Donald Trump has confirmed that recent tariff hikes will not apply to gold imports, ending speculation over duties on certain gold bars.

His statement followed a letter from US customs authorities suggesting that 2.8 kg of gold bars, in two standard weights, should be subject to import duties, according to Firstpost.

Trump posted on Truth Social, “Gold will not be Tariffed!” without providing further details.

The gold is being traded at Rs 198, 400 per tola in the domestic market on Thursday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the silver is being traded at Rs 2, 315 per tola today.

Gold price soared to a record high of Rs 198,500 per tola (11.664 grams) in the domestic market on Tuesday, as international bullion rates held near a one-week high amid growing expectations of a US interest rate cut. According to the Federation of Nepal Gold and Silver Dealers’ Association, the price of hallmark gold rose by Rs 1,900 per tola compared to Monday, when it was traded at Rs 196,600. Silver prices also saw a modest rise, increasing from Rs 2,255 per tola on Monday to Rs 2,280 on Tuesday.

Gold price, which had crossed Rs 100,000 per tola and was traded at Rs 100,300 per tola on 9 Dec 2022, is now close to doubling in less than three years. On Tuesday, spot gold held steady at $3,371.40 per ounce as of 0432 GMT, after hitting its highest level since July 24 in the previous session. The international surge was triggered by a weaker-than-expected US jobs report, which strengthened hopes that the Federal Reserve may cut interest rates in September, according to Reuters. 

Lower interest rates typically reduce the opportunity cost of holding non-yielding assets like gold, making it more attractive to investors. A weakening US dollar and a dip in Treasury yields have further supported the bullish trend in gold prices, it added. Gold is forecast to hit $3,500 per ounce in the next three months, US bank Citi said, citing a deteriorating outlook for US growth and inflation. This suggests the price of gold expected to climb further in the domestic market.

As Nepal relies entirely on imports to meet its gold demand, any fluctuation in global prices is directly reflected in the local market. The recent surge has coincided with rising prices in neighboring India as well, where gold crossed 102,000 Indian rupees per 10 grams on Tuesday, fueled by continued demand for gold as a safe-haven asset amid global uncertainties.

Over the past three weeks, gold prices have shown a steady upward trend, climbing from Rs 192,300 on July 17 to Rs 198,500 on Tuesday.  Officials of the federation attribute this to both international price movements and increased seasonal demand ahead of the Teej festival.

The price of gold has dropped by Rs 500 per tola in the domestic market on Friday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow metal is being traded at Rs 194, 700 per tola today. It was traded at Rs 195, 200 per tola on Thursday.

Similarly, the silver is being traded at Rs 2, 340 per tola today.

The price of gold has increased by Rs 400 per tola in the domestic market on Monday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 193, 700 per tola today. It was traded at Rs 193, 300 per tola on Sunday.

Similarly, the silver is being traded at Rs 2, 285 per tola today.

The price of gold has increased by Rs 300 per tola in the domestic market on Wednesday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 192, 300 per tola today.

Similarly, the price of silver has increased by Rs 35 and is being traded at Rs 2, 175 per tola today.

The price of gold has dropped by Rs 1, 700 per tola in the domestic market on Tuesday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow metal is being traded at Rs 193, 500 per tola today.

Similarly, the price of silver has dropped by 10 and is being traded at Rs 2, 160 per tola today.

The price of gold has dropped by Rs 800 per tola in the domestic market on Friday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow metal is being traded at Rs 194, 700 per tola today. It was traded at Rs 195, 500 per tola on Thursday..

Similarly, the price of silver has dropped by 50 and is being traded at Rs 2, 150 per tola today.

The price of gold has dropped by Rs 2, 000 per tola in the domestic market on Tuesday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow metal is being traded at Rs 195, 000 per tola today. It was traded at Rs 197, 000 per tola on Monday.

Similarly, the price of silver has dropped by 5 and is being traded at Rs 2, 160 per tola today.

The price of gold has increased by Rs 500 per tola in the domestic market on Thursday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 193, 700 per tola today. It was traded at Rs 193, 500 per tola on Wednesday.

Similarly, the silver is being traded at Rs 2, 075 per tola today.

The price of gold has increased by Rs 700 per tola in the domestic market on Friday. 

According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 188, 500 per tola today. It was traded at Rs 187, 800 per tola on Thursday.

The price of silver, however, has dropped by Rs 25 and is being traded at Rs 1, 980 per tola today. 

The price of gold has increased by Rs 5, 300 per tola in the domestic market on Tuesday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 189, 900 per tola today.  It was traded at Rs 184, 600 per tola on Monday.

Similarly, the silver being traded at Rs 1,965 per tola today.

The price of gold has increased by Rs 1, 000 per tola in the domestic market on Tuesday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 160, 600 per tola today. It was traded at Rs 159, 600 per tola on Thursday.

Similarly, the price of silver has increased by Rs 5 and is being traded at Rs 1, 880 per tola today.

The gold is being traded at Rs 112, 200 per tola in the domestic market on Monday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, tejabi gold is being traded at Rs 116, 250 per tola.

Similarly, the silver is being traded at Rs 1,430 per tola today.

The price of gold has dropped by Rs 400 per tola in the domestic market on Friday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow metal is being traded at Rs 112, 100 per tola today. It was traded at Rs 112, 500 per tola on Thursday.

Meanwhile, tejabi gold is being traded at Rs 111, 550 per tola. It was traded at Rs 111, 950 per tola.

Similarly, the silver is being traded at Rs 1, 425 per tola.

The gold is being traded at Rs 112, 000 per tola in the domestic market on Tuesday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, tejabi gold is being traded at Rs 111, 450 per tola.

Similarly, the silver is being traded at Rs 1,405 per tola today.