With an increase of Rs800, the price of 24-carat per tola gold precious metal hit all-time high Rs129,500 in Pakistan at the closing time of the trading, 24NewsHD TV channel reported Thursday.

The price of 10-gram gold has reached Rs 11,773 while in the international market the gold an ounce has crossed the mark of $2000 already and on Thursday it crossed $2050 with an increase of $9 per ounce.

Earlier on Wednesday gold prices reached a historic high of Rs128,700 with an increase of Rs4,800 per tola at the close of the trading. The price of 10-gram gold after an increase of Rs4,116 reached Rs110,340. The gold price hit $2,041 an ounce for the first time in the international market, the latest surge in a commodity seen as a refuge during economic uncertainty.

Gold prices have risen more than 30 percent this year as the coronavirus outbreak has weakened the economy and clouded the global financial outlook. Also weighing on investors were concerns over whether the United States will pass another spending measure to support the world's largest economy as it weathers a prolonged and deadly coronavirus outbreak.