Gold prices witnessed a sharp increase in Pakistan on Wednesday, following a major jump in the international markets.

Gold prices rose by $153 per ounce in international markets, reaching a record high of $4,713 per ounce.

The sharp increase was immediately reflected in domestic prices, causing prices to go up sharply.

In the local bullion market, the price of gold per tola jumped by Rs15,300, taking it to a record Rs494,062.

Similarly, the price of 10 grams of gold increased by Rs13,117, reaching Rs423,578.

Market analysts said the sharp rise is among the largest in recent months and has surprised both buyers and investors.

According to Reuters, the surge was driven largely by a slight decline in the US dollar and remarks by President Donald Trump indicating that the ongoing war with Iran could end within two to three weeks.

Economists said Trump’s statement that the United States does not require a prior agreement with Iran to end the war boosted global equity markets and supported gold prices.

Last month, global gold prices had fallen by more than 11%, marking the biggest monthly decline since 2008, as investors flocked to the US dollar as a safe-haven asset amid the outbreak of war and reduced expectations of interest rate cuts by the Federal Reserve.

Experts say that if tensions in the Middle East ease and signs of a ceasefire emerge, gold prices could stabilise or see further gains in the global market.