According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold rose by Rs4,100 to reach Rs388,100 per tola in the local market.

Similarly, 10 grams of gold hit a record Rs332,733 after gaining Rs3,514 during the day.

The surge follows Monday’s sharp rise of Rs6,100, which had pushed the per-tola rate to Rs384,000.

On the global front, gold prices also touched fresh peaks.

Spot gold rose 0.5% to $3,651.96 per ounce by 0430 GMT, while US gold futures for December delivery were up 0.4% at $3,690.90.

The APGJSA reported the international rate at $3,654 per ounce (including a $20 premium), reflecting a gain of $41.

Silver prices also extended gains, with the per-tola rate climbing Rs20 to settle at Rs4,358.

Analysts said the weaker dollar, falling bond yields, and growing expectations of a US Federal Reserve rate cut this month have strengthened demand for the precious metal, fuelling the rally.