Gold prices in Pakistan soared to unprecedented levels on Friday, echoing a sharp rally in the international market as investors flocked to safe-haven assets.

In the local market, the price of gold per tola surged by Rs. 14,100 in a single day, reaching a new all-time high of Rs. 456,900. The All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) reported that 10-gram gold was sold at Rs. 391,718 after an increase of Rs. 12,089. A day earlier, gold per tola had already climbed by Rs. 1,900 to settle at Rs. 442,800.

Internationally, gold prices also posted significant gains. The rate hit $4,358 per ounce (including a $20 premium), up $141 for the day, according to APGJSA. Spot gold rose 0.9% to $4,362.39 per ounce as of 0439 GMT, after touching a record high of $4,378.69 earlier in the session. US gold futures for December delivery jumped 1.7% to $4,375.50.

Silver prices in Pakistan followed suit, with per tola rates rising by Rs. 167 to a record Rs. 5,504.

Globally, gold is on track for its best week in more than 17 years, driven by concerns over US regional banks, global trade tensions, and expectations of further interest rate cuts. Bullion has gained about 8.6% this week and is set for its strongest weekly performance since September 2008, notching record highs in each session.