Pakistan witnessed a sharp increase in gold prices on Wednesday, reaching a new all-time high following a surge in the international market.

The price of one tola of gold soared by Rs3,800, setting a historic record of Rs308,000.

Similarly, the price of 10 grams of gold rose by Rs3,258, bringing it to Rs264,060.

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According to the All Pakistan Gems and Jewellers Sarafa Association, gold prices had already seen a Rs1,000 increase on Tuesday, pushing the rate to Rs304,200 per tola.

On the global front, gold was trading at $2,944 per ounce, reflecting a $34 increase, including a $20 premium.

Last Friday, gold in Pakistan had reached its previous record high of Rs306,200 per tola.

Meanwhile, silver prices also saw an upward trend, rising by Rs90 per tola to reach Rs3,440.