Gold extends rally, rises by more than Rs2,000 per tola

KARACHI: Gold prices in Pakistan extended gains on Saturday, tracking a surge in the global market, while the stock market ended the week in the red and the rupee posted a marginal decline against the dollar.

In the local bullion market, the price of gold rose by Rs2,400 per tola, settling at Rs338,500, according to data from the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). The rate for 10 grammes climbed by Rs2,058 to Rs290,209.

The upward trend mirrored a rally in international gold prices, which increased by $24 to reach $3,201 per ounce, including a $20 premium.

Silver also saw gains, with the per tola price rising by Rs33 to Rs3,410.

Besides gold, here’s a look at how the PSX and Pakistani rupee performed in Friday’s trading session.

Meanwhile, equity markets lost ground. The benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) fell 312.77 points, or 0.26 per cent, on Friday to close the week at 119,649.14. The index moved within a wide range of 965 points during the session, hitting an intraday high of 120,506.17 and a low of 119,541.15.

Trading volume for the benchmark index stood at 235.07 million shares. Of the 100 constituent companies, 47 closed higher, 51 declined, and 2 remained unchanged.

In currency markets, the Pakistani rupee edged lower against the US dollar, slipping by 5.03 paisa to close the week at Rs281.66 in the interbank market. The currency had ended the previous session at Rs281.61.

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