KARACHI: The local gold prices hit a new high on Wednesday, reflecting the record-breaking rise on the world bullion market, traders said.

Gold prices shot up by Rs2200 to set a fresh historic high of Rs277,200 per tola and Rs1886 to Rs237,654 per 10 grams, according to All Sindh Saraf Jewellers Association.

On the world market, gold bullion value grew by $22 to reach all-time high of $2675 per ounce with silver trading at $32 per ounce.

The local silver prices remained stable at Rs3050 per tola and Rs2614.88 per 10 grams, the association added.

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