Gold prices in the Nepali market recorded a sharp increase on Wednesday, with the price of fine gold rising by Rs 5,400 per tola, according to the Federation of Nepal Gold and Silver Dealers' Association.

The Federation has fixed the price of fine gold at Rs 291,000 per tola, compared to Rs 285,600 per tola recorded on Tuesday.

Silver prices also moved higher, increasing by Rs 110 per tola to Rs 4,480 per tola.

The daily prices of gold and silver in Nepal are determined based on international bullion market movements, exchange rate fluctuations, and import costs. As global gold prices rise, domestic bullion prices generally follow the same trend.

Market analysts note that continued uncertainty in global financial markets and stronger demand for safe-haven assets have contributed to the recent increase in gold prices.