According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold in the local market soared by Rs5,900 per tola, reaching an all-time high of Rs353,100.

Similarly, the rate for 10 grams of gold rose by Rs5,058, settling at Rs302,726.

The spike in domestic prices comes in line with a surge in international markets, where the price of gold climbed by $59, reaching $3,347 per ounce amid growing investor anxiety.

Gold prices drop by Rs1,400 to Rs347,200 per tola across Pakistan

In contrast, silver prices remained stable. The price of silver stood unchanged at Rs3,356 per tola and Rs2,962 for 10 grams.

Market analysts attribute the rally in gold prices to safe-haven buying, driven by fears of escalation in the Russia-Ukraine conflict and uncertainty in financial markets.