Gold prices in Pakistan surged to new record highs on Monday, mirroring gains in international markets.

In the local market, the price of gold rose by Rs. 5,400 in a single day to reach Rs. 415,278 per tola, according to data from the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

The price of 10 grams of gold climbed to Rs. 356,033, up Rs. 4,629 from the previous session.

The rally follows a similar trend in global markets, where spot gold broke through the $3,900-an-ounce barrier for the first time. By 0208 GMT, spot gold was up 0.9% at $3,922.28 per ounce, after touching an all-time high of $3,924.39 earlier in the session. The APGJSA reported the international rate at $3,940 per ounce, including a $20 premium, marking a $54 increase on the day.

The sharp rise in gold prices comes as the yen weakened and the United States faced a government shutdown, prompting investors to move into safe-haven assets. Expectations of further interest rate cuts by the Federal Reserve also contributed to the upward momentum.

Silver prices in Pakistan also advanced, rising by Rs. 53 per tola to Rs. 4,949.