Gold prices in Pakistan surged to new all-time highs on Monday, mirroring gains in the international market as investors flocked to safe-haven assets amid renewed US-China trade tensions and expectations of US Federal Reserve interest rate cuts.

In the local market, the price of gold per tola jumped by Rs. 5,500 during the day, reaching a record Rs. 428,200, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). The price of 10-gram gold also climbed, settling at Rs. 367,112 after an increase of Rs. 4,715. 

This follows a rise on Saturday, when gold per tola increased by Rs. 2,100 to close at Rs. 422,700.

Silver prices in Pakistan also reached new heights, with the price per tola rising by Rs. 147 to a record Rs. 5,247.

Internationally, gold prices also soared. The global rate stood at $4,071 per ounce (including a $20 premium), up $55 for the day, as per APGJSA. Spot gold was up 0.7% at $4,044.29 per ounce as of 0253 GMT, after hitting a record high of $4,059.30 earlier in the session.