KATHMANDU: The local market witnessed a massive hike in gold prices on Wednesday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the price of gold has increased by Rs 10,400 per tola (11.66 grams), reaching Rs 295,100.

On Tuesday, gold was traded at Rs 284,700 per tola. Similarly, the price of silver has risen by Rs 40 per tola to reach Rs 5,920.

The federation stated that silver was priced at Rs 5,880 on Tuesday.