The price of gold in Nepal has increased sharply, rising Rs 6,400 per tola from Monday to reach Rs 307,900 per tola on Tuesday, according to the Federation of Nepal Gold and Silver Dealers.

Silver prices have also moved higher. The price of silver increased by Rs 110 per tola to Rs 4,780.

Gold was trading at Rs 301,500 per tola on Monday, while silver stood at Rs 4,670. The latest increase takes gold back above the Rs 300,000-per-tola mark after recent fluctuations in the domestic precious metals market.

The daily movement in gold prices is closely watched in Nepal given the metal's importance in jewellery demand, household savings and investment. Silver prices have also continued to fluctuate alongside movements in the broader precious metals market.