Gold and silver prices recorded further gains in both international and local markets on Wednesday, extending the upward trend.

In the international bullion market, gold rose sharply by $148 per ounce to settle at $5,064. The increase was reflected in domestic markets, where the price of gold per tola climbed by Rs14,800 to Rs529,162.

Similarly, the price of gold per 10 grams increased by Rs12,689 to Rs453,671.

Silver prices also registered an uptick. In the local market, silver per tola rose by Rs109 to Rs9,255, while the price per 10 grams increased by Rs93 to Rs7,934.

Spot gold shot up 2.8% to $5,076.01 per ounce as of 0655 GMT, after surging 5.9% on Tuesday, its biggest daily gain since November 2008. Bullion scaled a record high of $5,594.82 last Thursday.

Read: Gold rebounds Rs24,000/tola

US gold futures for April delivery climbed 3.3% to $5,097.20 per ounce.

Spot silver rose 5% to $89.38 an ounce. It touched a record high of $121.64 on Thursday but fell to a month-low at $71.33 on Monday, having registered a record single-session price wipe-out of 27% on Friday.

Spot platinum added 4.2% to $2,302.56 per ounce, while palladium gained 3.5% to $1,794.15.

Earlier on Tuesday, gold prices rebounded sharply, tracking a strong recovery in the international bullion market after several sessions of steep losses that had rattled investors and traders.

In the local market, the price of gold per tola surged by Rs24,000 to settle at Rs514,362, according to rates released by the All-Pakistan Gems and Jewellers Sarafa Association. Similarly, the price of 10-gram gold rose by Rs20,576 to Rs440,982.

Read more: Gold, silver prices rebound after brief market pause

The sharp rebound came a day after gold had suffered a significant decline.

On Monday, gold per tola had fallen by Rs21,500 to close at Rs490,362. Overall, the yellow metal had lost a cumulative Rs85,500 per tola over the previous three sessions, reflecting heightened volatility in global markets.