Kathmandu, Jan. 28: Gold price in the domestic market surged sharply on Wednesday, rising by Rs 9,500 per tola to reach a new historic high of Rs 318,800 per tola.

According to the Federation of Nepal Gold and Silver Dealers' Association, fine gold was traded at Rs 309,300 per tola on Tuesday before registering the steep increase.

With the latest rise, gold price have reached an all-time high in the Nepali market, showing no immediate signs of slowing. At the current pace, prices are increasingly seen approaching the psychological threshold of Rs 350,000 per tola in the near future.

Meanwhile, silver price also set a new record on Wednesday, climbing to Rs 7,300 per tola in the domestic market. Silver rose by a significant Rs 430 in a single day, up from Rs 6,870 per tola on Tuesday.

The sharp increases in both gold and silver reflect heightened volatility in the precious metals market.