Gold prices soared to a fresh all-time high in Pakistan on Tuesday, mirroring gains in the global market.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola jumped by Rs5,100 to reach Rs398,800.

The rate for 10 grams also surged by Rs4,372, closing at Rs341,906.

Just a day earlier, gold had settled at Rs393,700 per tola after climbing Rs3,400.

In the international market, gold rose by $51 to settle at $3,770 per ounce (including a $20 premium).

Spot gold held firm at $3,743.39 per ounce as of 0238 GMT, after touching a record $3,759.02 earlier in the session.

US gold futures for December delivery inched up 0.1% to $3,779.50.

Silver also followed the upward trend, rising by Rs42 per tola to reach Rs4,637.

Analysts attribute the rally to expectations of further US rate cuts and a weaker dollar, with investors awaiting Federal Reserve Chair Jerome Powell’s remarks for policy direction.