Gold prices in Pakistan surged to a new record high on Monday, tracking gains in the international market.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold rose by Rs3,400 per tola to settle at Rs393,700.

The rate for 10 grams of gold also jumped by Rs2,915, reaching Rs337,534.

On Saturday, the yellow metal had already touched Rs390,300 per tola after a single-day gain of Rs1,700.

International gold prices mirrored the uptrend.

APGJSA reported the global rate at $3,719 per ounce (including a $20 premium), up $34 during the day.

Spot gold edged 0.1% higher to $3,688.76 per ounce by 0217 GMT, just shy of last week’s record $3,707.40.

US gold futures for December delivery advanced 0.5% to $3,723.70.

Meanwhile, silver also registered gains in the local market, with its price rising by Rs63 per tola to Rs4,595.

Analysts said bullion remains near record highs globally as investors await key US Federal Reserve speeches and inflation data this week, following the Fed’s recent interest rate cut and hints of further monetary easing.