Gold hit fresh highs in both the local and international markets on Tuesday as the yellow metal advanced with its safe haven appeal. In Pakistan, gold price per tola reached a record high of Rs247,600 after a single-day gain of Rs1,900.

The 10-gram gold was sold at Rs212,277 after an increase of Rs1,629, according to rates shared by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Monday, gold price per tola increased by Rs600 in Pakistan.

With central banks adding to their gold reserves and geo-political tensions due to Ukraine and Gaza wars, the safe haven asset has seen a record surge in demand in the international market.

The international rate of gold on Tuesday was set at record $2,374 per ounce (with a premium of $20), after a gain of $19 in the international market, APGJSA said.

Meanwhile, silver rates remained stable at Rs2,650 per tola.