The price of gold increased by Rs1,600 and was standing at Rs230,200 per tola for selling on March 11, in Pakistan, dealers said.

Similarly, gold 10 grammes was up by Rs1,372 to settle at Rs197,360 in the local market.

In the international market, gold prices surged to another record high a day earlier as data showing a rise in the US unemployment rate boosted expectations that the US Federal Reserve could begin cutting interest rates soon.

Spot gold rose 0.5% to $2,170.55 per ounce while US gold futures settled 0.9% higher to $2,185.50.

Bullion was set to post its biggest weekly percentage increase since mid-October.