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

According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow metal is being traded at Rs 125, 000 per tola today. It was traded at Rs 125, 800 per tola on Friday.

Similarly, tejabi gold is being traded at Rs 124, 400 per tola. It was traded at Rs 124, 800 per tola.

Meanwhile, the price of silver, however, has increased by Rs 15 and is being traded at Rs 1,530 per tola today.   

The government is likely to miss revenue targets yet again.

Data released by the Financial Comptroller General Office (FCGO) shows the government has mobilized Rs 661bn in revenue in the first eight months of the fiscal year 2023/24. Although the collection is 7.13 percent higher compared to the same period of the previous fiscal year, it is only 41 percent of the revenue target for the current fiscal year.

The government initially set a revenue target of Rs 1,422bn for the current fiscal year through the annual budget announced on May 28 last year. It, however, lowered the revenue target to Rs 1,202bn through the mid-term review of the budget since revenue collection was not picking up as expected.

To meet the revised revenue target, the government needs to raise Rs 541bn in the remaining four months of the fiscal year which is unlikely as the government had mobilized Rs 393bn in the last four months of the previous fiscal year. This means the government needs to collect 38 percent more revenue compared to the last months of 2022/23 to meet the revenue target. Even if the revenue collection in the last four months of the current fiscal year follows the trend of the first eight months, total revenue collection will still be below Rs 1,100bn.

Although the government has managed to mobilize only Rs 661bn over the first eight months of the current fiscal year, it has spent Rs 801bn in the review period, according to FCGO. In the same period of the previous fiscal year, such spending was Rs 779bn.

Of the total spending, Rs 582bn is in recurrent expenditure and Rs 81.21bn is in capital expenditure, while Rs 138bn is toward financial management. In the first eight months of the previous fiscal year, the government had spent Rs 600.8bn toward recurrent expenditure, Rs 84.25bn toward capital expenditure, and Rs 86.12bn toward financial management.

According to the Financial Comptroller General Office (FCGO), the government has mobilized Rs 578m from tax revenue and Rs 60.37bn from non-tax revenue in the eight-month period.

The government had mobilized Rs 500.18bn from tax revenue, Rs 56.8bn from non-tax revenue, and Rs 35.3bn from other sources in the first eight months of fiscal year 2022/23.

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 125, 800 per tola today.

Similarly, tejabi gold is being traded at Rs 124, 800 per tola.

Meanwhile, the silver is being traded at Rs 1,515 per tola today.

The price of gold has increased by Rs 800 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 125, 800 per tola today. It was traded at Rs 125, 000 per tola on Wednesday.

Similarly, tejabi gold is being traded at Rs 125, 200 per tola. It was traded at Rs 124, 400 per tola.

Meanwhile, the price of silver has increased by Rs 50 and is being traded at Rs 1, 515 per tola today.