Gold prices surged sharply in international and domestic markets on Saturday, pushing local rates to record highs.

According to reports, the price of gold in the international bullion market rose by USD 36 per ounce, reaching USD 3,447.

Following the global increase, the price of gold in Pakistan also climbed by Rs3,600 per tola, hitting a new all-time high of Rs367,400.

Meanwhile, the price of 10 grams of gold rose by Rs3,172, reaching a record Rs314,986.

Read: Gold rallies as global rates near 4-month high

Earlier on Friday, spot gold was up 0.8% at $3,443.19 per ounce, as of 1:53 p.m. ET (1753 GMT), its highest level since July 17. Bullion has gained 4.7% in August.

Spot silver gained 1.7% to $39.77 per ounce, platinum added 0.3% to $1,362.86, and both metals were on track for monthly gains. Palladium was flat at $1,102.08, heading for a monthly loss.