Gold prices in Pakistan maintained their upward trajectory on Wednesday in line with their increase in international rates. In the local market, the price of gold per tola increased by Rs2,000, clocking in at Rs285,400, which is the latest record high in Pakistan.

Similarly, 10-gram gold was sold at Rs244,684 after it recorded an increase of Rs1,714, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Tuesday, gold price had increased by Rs1,100 to settle at a then-record high level of Rs283,400.

Meanwhile, the international rate of gold increased on Wednesday. As per APGJSA, the rate was at $2,757 per ounce (with a premium of $20) and was up by $20 during the day.

Silver prices gained Rs200 at Rs3,350 per tola.

Globally, gold prices surged to a record high on Wednesday, as conflicts in the Middle East and uncertainty surrounding the upcoming US election spurred demand for safe-haven assets.

Bullion is considered a hedge against economic and geopolitical uncertainties.