Gold prices in Pakistan rose sharply on Monday, tracking a strong rally in the international market, while silver surged to an all-time high, traders said.

In the local market, gold gained Rs7,500 to settle at Rs489,362 per tola.

The price of 10 grams of gold rose by Rs428 to Rs419,549, according to rates released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

The increase followed a volatile session over the weekend, when gold per tola had fallen by Rs6,431 to close at Rs481,862 on Saturday.

Internationally, gold prices climbed $75 to $4,670 per ounce, including a premium of $20, providing fresh momentum to the domestic market.

Silver also extended its rally, rising by Rs300 to reach Rs9,782 per tola, marking a new record high in Pakistan’s bullion market.