Kathmandu, Apr. 11: The price of gold in the domestic market increased by Rs 2,900 per tola (11.6638 grams) over the past week amid ongoing tensions in the Middle East and a ceasefire announcement by the United States in its conflict with Iran.

According to the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA), the price of gold rose to Rs 296,900 per tola from Rs 294,000 when the market closed the previous week. On Sunday, the price of the precious metal remained stable.

On Monday, the price fell by Rs 2,600 per tola, followed by increases of Rs 400 and Rs 7,200 over the next two consecutive days. On Thursday, the price declined again by Rs 4,300 before rebounding by Rs 2,200 per tola on the last trading day of the week.

Alongside gold, the price of silver also increased by Rs 130 per tola in the domestic market. During the review period, the price rose to Rs 4,960 from Rs 4,830 per tola.

According to FENEGOSIDA, the prices of precious metals during the review period were influenced by several factors, including fluctuations in the US dollar, petroleum prices, and ongoing geopolitical tensions, particularly in the Middle East.