Gold prices surged to an all-time high on Wednesday, both internationally and in Pakistan, as investors turned to the precious metal to protect their capital from devaluation.

In the global market, the price of gold jumped by $53 per ounce, reaching a record $2,868. The sharp increase drove local prices higher, with 24-karat gold in Pakistan rising by Rs5,300 per tola, reaching an unprecedented Rs299,600. The price of 10 grams of gold also climbed by Rs4,158 to a new high of Rs256,859.

Silver prices followed suit, with per tola silver increasing by Rs36 to Rs3,350, while the price of 10 grams rose by Rs31.50 to Rs2,872.

The surge reflects a growing trend among investors seeking safe-haven assets amid economic uncertainty and currency depreciation. Analysts say heightened demand could keep gold prices elevated in the near future.