Gold prices surged to an all-time high in Pakistan in line with a hike in the international markets on Tuesday, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

In the local market, the price of 10 grams of gold increased by Rs1,286, while per tola gold rose by Rs1,500.

With the latest increase, 10 grams of gold reached a record level of Rs357,319, and per tola gold climbed to Rs416,778 across the country.

In the international market, the price of gold rose by $15, reaching $3,955 per ounce, marking a new global peak.

Moreover, the silver price decreased by Rs20 per tola to reach Rs4,929.

Gold has climbed 51% so far this year on strong central bank buying, increased demand for gold-backed ETFs, a weaker dollar and growing interest from retail investors, Business Recorder said in a report.