Gold prices in Pakistan climbed to new all-time highs on Monday, mirroring a sharp rise in international bullion rates.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold rose by Rs5,400 per tola to reach Rs415,278 in the local market. Similarly, the price of 10 grams increased by Rs4,629 to settle at Rs356,033.

On Saturday, gold per tola had closed at Rs409,878 after gaining Rs2,100 during the day.

Internationally, gold surged past the $3,900-an-ounce mark for the first time, driven by safe-haven demand following a slide in the yen and the US government shutdown. Expectations of further Federal Reserve rate cuts also buoyed the metal.

As per APGJSA data, the international rate stood at $3,940 per ounce (including a $20 premium), marking a $54 increase during the day.

Spot gold rose 0.9% to $3,922.28 per ounce by 0208 GMT after touching an all-time high of $3,924.39 earlier in the session. US gold futures for December delivery also gained 1% to $3,947.30.

Silver prices followed the upward trend, increasing by Rs53 per tola to reach Rs4,949.