Pakistan, Jan. 24 -- Gold prices in the domestic market surged to new record highs on Friday, tracking a strong rally in international markets driven by heightened geopolitical tensions and expectations of further US interest rate cuts.

Read More: Gold soars to record Rs506,362 per tola in Pakistan

According to rates issued by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of one tola of 24-karat gold jumped by Rs9,100 to Rs514,662, while the 10-gram rate rose by Rs7,802 to Rs441,239. This marked the highest level ever recorded in the local bullion market.

Internationally, gold prices climbed sharply by $91 per ounce to reach $4,923 per ounce. Market analysts attributed the surge to increased investor demand...