According to Federation of Nepal Gold and Silver Dealers' Association (FENEGOSIDA), gold price in the domestic market declined by Rs. 1500 per tola on Wednesday and traded at Rs. 48,000 per tola.Prior to this, gold was traded at its previous lowest at Rs 47,500 per tola on August 8, 2011. Two reasons have been cited for the record-breaking fall in gold price in domestic market —plummeting gold price in the international bullion market and reduction in import tax by the government of Nepal. While gold lost its luster to $1,094.8 per troy ounce in the international market on Wednesday from earlier day's rate of $ 1,134.30 per troy ounce, the government had slashed import tax of gold by Rs 100,000 per kg to Rs 320,000 in the budget announced for Fiscal Year (FY) 2015/16.
