Following a sharp rise in international bullion rates, gold prices in Pakistan soared to a record high on Monday, reaching the highest level in the country’s history.

According to the All Pakistan Gems and Jewellers Sarafa Association, the price of gold increased by Rs5,500 per tola, taking it to Rs428,200 — the highest ever recorded in Pakistan.

The rate for 10 grams of gold also rose by Rs4,715, bringing the new price to Rs367,112.

On Saturday, the per tola price had already climbed by Rs2,100, closing at Rs422,700, before hitting the latest peak.

In the international market, gold also reached a new historic high on Monday.

The association reported that global prices rose by $55, pushing gold to $4,071 per ounce (including a $20 premium).

Silver followed the same upward trend, gaining Rs147 per tola to reach Rs5,247, marking another record level.

Analysts attribute the surge in global bullion prices to expectations of an interest rate cut by the US Federal Reserve and rising US–China trade tensions, both of which have prompted investors to seek safe-haven assets.

Reports show that spot gold was trading 0.7% higher at $4,044.29 per ounce, after hitting an intraday high of $4,059.30 earlier in the day.

Meanwhile, US gold futures (December contracts) climbed 1.6% to $4,062.50 per ounce.

Experts say the renewed investor preference for safe-haven assets has driven both gold and silver to unprecedented levels in global markets.