Gold prices in Pakistan surged to a record high on Monday, while silver also climbed to an unprecedented level, tracking a strong rally in international markets.

In the local market, gold rose by Rs6,200 to Rs462,362 per tola.

The price of 10-gram gold increased by Rs5,315 to Rs396,400, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Saturday, gold had settled at Rs456,162 per tola after gaining Rs1,300.

Internationally, gold jumped past the $4,400-per-ounce mark for the first time, supported by growing expectations of further US interest rate cuts and robust safe-haven demand.

The international rate was quoted at $4,400 per ounce, including a $20 premium.

Spot gold was up 1.7% at $4,411.01 per ounce by 0822 GMT, after touching a record high of $4,420.01 earlier in the session. US gold futures for February delivery rose 1.3% to $4,444.00 per ounce.

Silver joined the rally, both locally and globally. In Pakistan, silver gained Rs218 to reach a record Rs7,205 per tola.

Spot silver climbed 2.5% to hit an all-time high of $69.44 per ounce.