KARACHI: Gold prices in both international and local markets surged to record highs on Monday, driven by expectations of further US interest rate cuts and rising demand for safe-haven assets amid global uncertainty. According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the international gold price rose by $34 to reach $3,719 per ounce. The US Federal Reserve last week cut its benchmark interest rate by 25 basis points — its first reduction since December — triggering speculation about further easing, which typically supports gold prices. While gold remains attractive to investors, they noted that rising prices have discouraged retail jewellery buyers in Pakistan. The speculative interest in gold, both globally and domestically, is expected to keep prices volatile in the near term.