The price of gold increased by Rs300 on Tuesday and now stands at Rs216,400 per tola for selling on Wednesday, compared with its previous price of Rs216,100 in the local market of Pakistan, the All Sindh Sarafa Jewellers Association reported.

Similarly, the price of 10 grammes of gold was also up by Rs257 to settle at Rs185,528 as against the earlier price of Rs185,271.

The prices of 10 grammes 22 karat gold went up to Rs170,067 compared with the previous price of Rs169,832.

Meanwhile, the price of per tola and 10 grammes of silver remained stagnant at Rs2,660 and 2,280.52, respectively.

In the international market, gold prices picked up on Tuesday from a three-week low, helped by a pullback in the dollar after an official US report showed that consumers expected lower inflation cemented bets for interest rate cuts from the Federal Reserve, Reuters reported.

Spot gold was up 0.3% at $2,034.49 per ounce, after hitting a three-week low on Monday. US gold futures rose 0.4% to $2,040.60 per ounce.