KARACHI: Gold prices in Pakistan surged to historic highs on Monday, tracking an upward trend in international markets and a depreciating local currency, according to jewelers and market traders.

The price of 24-karat gold jumped by Rs4,643 per tola (11.66 grams) to settle at an all-time high of Rs442,636, the All Pakistan Supreme Jewelers Association said.

Similarly, the price of 10-gram gold increased by Rs4,179 to reach Rs378,345.

Market analysts attributed the sharp domestic increase to a rally in global bullion rates, where spot gold hit fresh peaks amid heightened geopolitical tensions and expectations of global interest rate cuts. Domestically, the surge was further amplified by localised inflationary pressures and economic uncertainty, driving investors toward safe-haven assets.

Silver prices remained stable, closing at Rs3,500 per tola.