March 7: The price of gold has increased by Rs 1,100 per tola (11.66 grams) to reach Rs 103,000 in the domestic market on Monday. The price of the precious yellow metal was Rs 101,900 on Sunday while it was Rs 99,900 in the previous trading day.

The price of gold had increased by Rs 2000 per tola on Sunday to cross the mark of Rs 100,000 while it further rose to Rs 103,000 on Monday.

According to the Federation of Nepal Gold and Silver Dealers' Association, the price of silver also increased by Rs 10 per tola to reach Rs 1,425.

The price of gold and silver increased in Nepal following a surge in their prices in the international market, the state-owned national news agency RSS quoted the Federation's President Manik Ratna Shakya as saying. Price of gold in the international market was approximately 1,970 dollar per ounce on Sunday, March 6.

Analysts believe that the recent surge in the price of gold is mainly due to the Russia-Ukraine war. With stocks stumbling across the globe and prices of food grains increasing, investors are reportedly purchasing gold as a safe bet during the time of such crisis.

It may be noted that the price of gold had crossed the mark of Rs 100,000 per 11.66 grams in Nepal during the outbreak of Covid-19.