KARACHI: The local gold prices hit a new high on Wednesday after the global market reached record-breaking levels, traders said.

Gold prices shot up by Rs2, 900 and Rs2, 486, reaching an historic high of Rs287, 900 per tola and Rs246, 828 per 10 grams, respectively, All Sindh Saraf Jewellers Association said.

On the world market, gold bullion value soared by $29, setting a fresh record high of $2, 784 per ounce while silver was available at just over $34 per ounce.

Domestic silver prices remained steady at Rs3, 350 per tola and Rs2, 872.08 per 10 grams, the association added.

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