Gold extended rally in the local market as price witnessed an increase of Rs3,900 per tola to settle at an all-time high of Rs178,800 on Tuesday as compared to its sale at Rs 174,900 during the last trading day.

According to the All Sarafa Jewellers Association, the price of 10-gram gold increased by Rs3,344 to settle at Rs153,292.

The price of the precious commodity continued to rise for the 11th consecutive session, with investor appetite for risk curbed by worries over political instability, dollar unavailability tensions, and faltering economic growth.

The association reported that the price of gold has been over cost by Rs4,500 per tola in Pakistan, as compared to prices in Dubai.

The price of gold in the international market increased by $12 to $1,808 compared to its sale at $1,796, the association reported.

Meanwhile, the price of per tola silver increased by Rs30 to Rs2,050 whereas that of 10-gram silver went up by Rs25.72 to Rs1,757.54.