Similarly, the price of 10 grams of gold increased by Rs3,001, climbing to a record Rs351,747, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association.

On Tuesday, the gold price per tola reached Rs406,778 after a gain of Rs3,178 during the day.

On the international front, gold prices jumped by $35 per ounce, hitting a historic peak of $3,890 per ounce.

Market analysts attribute the spike to global economic uncertainty and a flight to safe-haven assets, amid investor demand for safe-haven assets after the official start of the US government shutdown and as soft labour data bolstered expectations of Federal Reserve rate cuts.