Gold reaches historic highs, as PSX touches highest-ever closing

KARACHI: The price of gold has once again soared to unprecedented levels, marking a historic milestone in the realm of precious metals.

As per recent market data, the cost of gold has witnessed a substantial surge, with an increase of Rs 600 rupees per tola, bringing the current rate to Rs 245,000. Moreover, the price hike extends to smaller denominations, with 10 grams of gold experiencing an uptick of Rs 514, now commanding a sum of Rs 210,648.

World Bank approves $149.7 million for two projects in Pakistan

While the reasons behind this latest surge are manifold and subject to speculation, experts point to a combination of geopolitical conditions, economic fluctuations, and shifts in consumer demand as contributing factors. The enduring appeal of gold as a safe haven asset in times of volatility continues to underpin its enduring relevance in today’s dynamic financial landscape.

PSX BULLISH, AMASSES OVER 900 POINTS

Meanwhile, the Pakistan Stock Exchange (PSX) has also crossed 69,000 mark, with over 900 points gain. After opening at 68,416.78 points, the benchmark KSE-100 index was seen hovering at 69,347.74 points close to 1 AM.

By closing time, the index had gained over 1,200 points to close at 69,619.98 points on the first trading day of the week.

PSX up nearly 500 points within two hours of trading

The growth came from multiple sectors and can be attributed to multiple positive economic indicators including expectations of a lower policy rate. The United Nations Economic and Social Survey of Asia and the Pacific (UNESCAP) 2024 predicting further recovery in economy might have also lent strength to the investor sentiment.