Gold prices recorded a significant increase in both local and international markets on Wednesday.

In the domestic market, the price of 10 grams of gold went up by Rs12,689 to reach Rs453,671, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

Similarly, the price of one tola increased by Rs14,800 to settle at Rs529,162 in the local market.

In the international market, gold prices increased by $148 an ounce, reaching a record high of $5,064.

Analysts said the jump is being driven by rising uncertainty linked to US-Iran tensions, prompting investors to move their money into gold, which is widely seen as a safe refuge in uneasy times.