On Wednesday, the precious metal was sold at the highest-ever rate of Rs285,400 compared to its sale at Rs. 283,400  on last trading day, the All Sindh Sarafa Jewellers Association reported.

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The price of 10-gram of 24 karat gold increased to Rs244,684 from Rs242,970  while the price of 10-gram gold of 22-karat increased to Rs224,294 from Rs222,722, it maintained.

According to FX Street, gold price continued scaling new record highs on Wednesday and climbed further beyond the $2,750 level during the first half of the European session.

The prevalent risk-off mood, along with the risk of a further escalation of tensions in the Middle East and a full-blown regional war, continues to drive haven flows towards the precious metal, the report said. Apart from this, the US political uncertainty and easing monetary policy environment turn out to be other factors benefiting the non-yielding yellow metal, it added.

Bulls, meanwhile, seem rather unaffected by the ongoing US Dollar (USD) rally to its highest level since early August, which tends to undermine demand for the Gold price, it noted.

Meanwhile, the price of per tola silver increased by Rs.200 to Rs.3,350 whereas that of ten gram silver went up by Rs.171.46 to Rs.2,872.08.