Gold loses Rs1,400 per tola as prices dip in Pakistan

ISLAMABAD: Gold prices in Pakistan fell for the second straight day on Wednesday, mirroring the global trend as the precious metal continued to lose ground in international markets.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold dropped by Rs1,400, bringing the per tola rate down to Rs355,200. Similarly, the price of 10 grammes slipped by Rs1,201 to Rs304,526.

The decline comes after Tuesday’s fall of Rs1,100 per tola when rates had settled at Rs356,600. On Monday, however, the local market had witnessed an uptick with gold rising by Rs1,500 per tola, touching Rs357,700.

In the global market, gold also lost momentum. The international rate fell by $14 to stand at $3,325 per ounce, though this included a $20 premium. Silver was not spared either, with its local price per tola dipping by Rs96 to Rs3,935.

For local buyers, the shift in gold prices is a point of concern, particularly for those planning weddings or major purchases, as volatility has made budgeting difficult. For traders, the fluctuation reflects the broader global uncertainty in commodity markets.

PSX sees record close, crosses 151k mark in intraday trade

While the bullion market struggled, the Pakistan Stock Exchange (PSX) maintained its strong upward march. The benchmark KSE-100 Index once again broke records on Wednesday, closing at 150,591 after gaining 820 points or 0.55 percent.

The index even touched an intra-day high of 151,261.67, a level never seen before in the market’s history.

Market analysts credited the rally to several factors including corporate earnings optimism, rupee stability, and continued support from both local and foreign institutions.

Adding to the upbeat environment, Moody’s Ratings upgraded the long-term deposit ratings of five major Pakistani banks, HBL, UBL, MCB, NBP and ABL, from Caa2 to Caa1. The move is expected to strengthen investor confidence in the country’s financial sector.

While the stock market is riding a wave of optimism, the gold market tells a different story. Investors and ordinary citizens alike continue to watch the price swings closely, as the precious metal remains a traditional safe haven for Pakistanis.

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