After decreasing in the previous session, gold prices in Pakistan jumped on Tuesday in line with their increase in international rates. In the local market, the price of gold per tola increased by Rs1,600, clocking in at Rs285,000.

Similarly, 10-gram gold was sold at Rs244,342 after it recorded an increase of Rs1,372, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Monday, gold price decreased by Rs900 to settle at Rs283,400.

Meanwhile, the international rate of gold increased on Tuesday. As per APGJSA, the rate was $2,755 per ounce (with a premium of $20) and was up by $16 during the day.

Silver prices remained stable at Rs3,350 per tola.

Last week, gold prices hit a record-high level of Rs285,400 per tola.

Gold prices have surged to record highs in recent weeks, 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.