Gold prices in Pakistan drop further

KARACHI: The downward trend in gold prices continued in Pakistan, with rates falling by Rs2,400 per tola on Wednesday.

According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-karat gold dropped by Rs2,400 per tola, bringing it down to Rs306,300.

Meanwhile, the price of 10 grams of 24-karat gold declined by Rs2,058, settling at Rs262,602, while 22-karat gold was sold at Rs240,727 per 10 grams after a reduction of Rs1,886.

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Similarly, silver prices also saw a decline, with the rate for one tola falling by Rs36 to Rs3,314, while the price of 10 grams decreased by Rs31, settling at Rs2,841.

In the international market, the price of gold fell by $24 per ounce, reaching $2,916, according to APSGJA.

Rupee weakens against US dollar

Meanwhile, the Pakistani rupee continued to weaken against the US dollar for the third consecutive day in the interbank market.

According to the State Bank of Pakistan (SBP), the rupee closed at 279.67 against the dollar on Wednesday.

On Tuesday, the dollar had gained 0.03%, reaching 279.66, while on February 21, it appreciated by 0.04%, closing at 279.46.

PSX dips after early gains but remains above 114,000

The Pakistan Stock Exchange (PSX) opened on a positive note on Wednesday, as the benchmark KSE-100 index was trading up by 130.77 points at 114,658.85 around 9:32 AM, with a recorded volume of 3,252,741 shares.

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However, the PSX could not maintain the gains and soon fell into negative territory, with the KSE-100 index dipping by 165.61 points to 114,362.47 by 9:39 AM, when the volume was recorded at 12,313,233 shares.

The stock market witnessed fluctuations in the initial trading hour but soon recovered from losses, rising by 234.84 points to 114,762.92 at 9:48 AM, with a volume of 21,276,265 shares.

Despite this recovery, the PSX faced a deeper decline, dropping by 308.13 points to 114,219.95 at 10:36 AM, which marked the lowest level for the KSE-100 index at that time. This remained the day’s low until 12:00 PM.