The upward trend in gold prices continues, with rates reaching historic highs both internationally and in Pakistan’s local markets.

On Wednesday, the international bullion market witnessed a sharp surge, as the price of gold jumped by $58 per ounce, reaching an all-time high of $4,198.

In response to the global spike, domestic gold prices in Pakistan also soared. According to local jewellers, the price of 24-karat gold per tola rose by Rs5,800, hitting a record level of Rs440,900.

Read: Gold prices rally in global, Pakistani markets

Similarly, the price of 10 grams of 24-karat gold increased by Rs4,972, taking it to a new peak of Rs378,000.

Spot gold was up 1.5% at $4,203.79 per ounce as of 1018 GMT, after touching a record high of $4,217.95 earlier in the session. US gold futures for December delivery gained 1.4% to $4,220.20.

Silver rose 2.3% to $52.64, after having hit a record high of $53.60 on Tuesday, tracking gold’s rally and amid tightening supply in the spot market.