The gold prices in the country continue to surge as it sees another Rs300 increase on Wednesday.

The precious yellow metal is on an upward trajectory due to devaluation of the Pakistan rupee against US dollar and a surge in demand in the international markets. The investors consider the gold as a safe heaven for their investments during the uncertainty in the times of coronavirus pandemic.

The price of 24-carat gold in Pakistan market has reached 109,500 per tola with an increase of Rs300. The price of 22-carat gold, meanwhile, has reached Rs100,000 per tola.

According to the jewellers association, the gold prices may continue to increase as Pakistan economy is in bad shape that is causing further devaluation of the Pakistan rupee.