Gold prices in Pakistan soared to a new all-time high on Tuesday, tracking strong gains in the international market. In local trading, the price of gold per tola jumped by Rs. 6,900 during the day, reaching Rs. 435,100.

The All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) reported that 10-gram gold was priced at Rs. 373,028, up by Rs. 5,916. This surge follows Monday’s record, when gold per tola climbed to Rs. 428,200 after a Rs. 5,500 increase.

On the global stage, gold broke through the $4,100 per ounce barrier for the first time, with rates hitting $4,140 per ounce (including a $20 premium), a gain of $69 according to APGJSA. The international rally is being driven by renewed US-China trade tensions and expectations of US interest rate cuts.

Silver prices in Pakistan, however, remained steady at Rs. 5,247 per tola, despite silver also reaching a record high internationally.