In the domestic market, the price of one tola of gold climbed to Rs486,162, marking an increase of Rs4,300 during the day, according to market data.
The All Pakistan Gems and Jewellers Sarafa Association said the price of 10 grams of gold rose to Rs416,805 after it increased by Rs3,687.
Meanwhile, the price of silver increased by Rs500 to reach Rs9,575 per tola.
On Tuesday, the price of one tola had reached Rs481,862, after gaining Rs900 during the session.
Gold prices also advanced in the international market, where spot gold rose by $43 to $4,638 per ounce.