Gold prices in Pakistan continued to march upwards on Wednesday in line with their increase in international rates. In the local market, the price of gold per tola was up by Rs2,900, clocking in at Rs287,900, which is the latest record high in Pakistan.

Similarly, 10-gram gold was sold at Rs246,828 after it recorded an increase of Rs2,486, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Tuesday, gold price per tola increased by Rs1,600 to settle at Rs285,000.

Meanwhile, the international rate of gold increased on Wednesday. As per the APGJSA, the rate was $2,784 per ounce (with a premium of $20) and was up by $29 during the day.

Silver prices remained stable at Rs3,350 per tola.

Last week, gold prices hit then 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.