Kathmandu, June 3 -- Gold price jumped Rs2,000 within two days to close at Rs61,500 per tola on Sunday at the local bullion market and is expected to rise further on the back of increased demand from local jewellery for the wedding season, according to gold traders.

The Federation of Nepal Gold and Silver Dealers Association had set the precious yellow metal price at Rs59,500 on Wednesday and Thursday. The annual budget announced on Wednesday evening hiked the customs duty on gold by Rs800 per 10 grams with immediate effect. As a result, gold price jumped Rs1,500 to close at Rs61,000 per tola on Friday.

Rameshwor Dangal, director general of the Department of Customs, said that the customs duty has been hiked to make the gold price on pa...