Kathmandu. Gold worth Rs 22.34 billion was imported in the first seven months of the current fiscal year. In the first seven months of the current fiscal year, Nepal imported 1,220,632 grams of gold.

According to the statistics of the Department of Customs, around 174 kg of gold is imported every month. Around 5 kg of gold is imported per day. The government has collected Rs 2.23 billion in revenue from gold import till mid-February 2018.

Nepal is the largest importer of gold from the United Arab Emirates (UAE).  According to the data released by the department, 11,53,080 grams of gold was imported from the UAE. The total value of the gold import is around Rs 21.20 billion.

The price of gold has been increasing lately in the Nepali market. The rise in the price of the US dollar along with the increase in the price of the international market has had a direct impact on Nepal.

Uncertainty in the global economy, political tensions between countries, and economic crises have attracted investors to gold as a safe haven, which has boosted demand and boosted prices.

At the same time, changes in interest rates by major economic forces have also affected the gold market. When the interest rate falls, the interest in investing in gold increases more than deposits in the bank, so its value goes up. According to traders, the price of gold is high in the market as the demand for gold is expected to increase further as the wedding season and festivals are approaching.