Gold prices in global and local markets have surged to record highs.

In the international bullion market, the price of gold per ounce jumped by $84, reaching a new peak of $4,039.

Read: Gold prices hit record highs globally, domestically

The price of gold per tola in Pakistan also rose by Rs8,400, hitting a new record of Rs425,178.

Similarly, the price of 10 grams of gold increased by Rs7,202, reaching a new high of Rs364,521.

Spot gold was up 1.3% at $4,034.59 per ounce by 0931 GMT. US gold futures for December delivery gained 1.3% to $4,056.80.

Silver also latched on to gold’s rally, gaining 2.2% to $48.85 per ounce, and just a little away from its all-time high of $49.51.