The price of gold increased sharply by Rs2,700 in the local market of Pakistan on Tuesday.

Gold was up by Rs2,700 and was standing at Rs223,900 per tola for selling on March 6 in the domestic market of Pakistan.

Similarly, the price of gold 10 grammes recorded an increase of Rs2,315 and was being sold at Rs191,958 in the local market.

Meanwhile, the price of silver remained unchanged at Rs2,600 per tola in Pakistan.

In the international market, gold struck a record high on Tuesday, moving further above $2,100 per ounce in a rally sparked by growing bets for a US interest rate cut in June, with safe haven demand from the war in the Middle East also tipping the scales in bullion’s favour, Reuters reported.

Spot gold gained 0.6% to $2,127.99 per ounce, having scaled a record $2,141.59 earlier. US gold futures firmed 0.5% to $2,135.80.

Bullion last hit a historic peak in December at $2,135.40.