Gold prices in Pakistan recorded a sharp increase, with the price per tola rising by Rs3,700 and the price of 10 grams increasing by Rs3,172 on Wednesday.

On Wednesday, further gains were seen in both global and local gold markets, while silver prices remained stable.

According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold per tola increased by Rs3,700 to reach Rs543,262.

Meanwhile, the price of 10 grams of gold rose by Rs3,172 to Rs465,759.

In the international market, gold prices also moved up, with the price per ounce increasing by $37 to reach $5,205.

The price of silver per tola remained unchanged at Rs9,354, while the price of 10 grams of silver also stayed stable at Rs8,019.

Gold is traditionally considered a safe investment, and its price tends to rise during periods of inflation and political or economic uncertainty.

For centuries, gold has been used as a form of currency and wealth. When investors feel uncertain about other assets, they often turn to gold.

Last year, Pakistan changed the mechanism for determining gold prices, under which the local price is set at $20 per ounce above the international market rate.