Gold prices in Pakistan climbed to new peaks on Wednesday, in line with their increase in the international rates. In the local market, the gold price per tola reached Rs425,178 after a single-day rise of Rs8,400.

Similarly, 10-gram gold was sold at Rs364,521 after it registered an increase of Rs7,202, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Tuesday, the gold price per tola reached Rs416,778 after a gain of Rs1,500 during the day.

The international rate of gold also increased today. As per APGJSA, the rate was at $4,039 per ounce (with a premium of $20), an increase of $84 during the day.

Moreover, silver price increased by Rs55 per tola to reach Rs4,984.

Whereas, international gold extended its historic rally to break above $4,000 an ounce for the first time on Wednesday, as investors piled into the safe haven to seek cover from mounting geopolitical uncertainty while betting on more US interest rate cuts.

Spot gold jumped 1.2% to $4,032.46 per ounce by 0653 GMT.

US gold futures for December delivery climbed 1.3% to $4,054.80 per ounce.