The price of gold in Pakistan surged past Rs500,000 per tola for the first time, with an increase of Rs12,700 in one day, according to market sources on Wednesday.

Following the hike, the rate of gold per tola reached Rs506,362, while the price of 10 grams climbed by Rs10,888 to Rs444,123.

The surge was reflected in the global market as well, where gold rose by $127 per ounce to reach $4,840 per ounce.

Experts say fluctuations in international prices are influencing local rates, pushing gold to record highs and causing concern among investors and buyers alike.