Gold prices continue to fall in Pakistan: What’s new rate per tola?

KARACHI: A downward trend in gold prices was observed in Pakistan’s bullion markets on Monday, following a $1 drop in the international bullion market, where the price of gold per ounce slipped to $3,336.

According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold per tola fell by Rs100 in the local market to settle at Rs356,300.

Similarly, the price of 10 grams of gold dropped by Rs85 in the local market to settle at Rs305,470.

In contrast, silver prices remained unchanged in the local market, with the per tola rate remaining steady at Rs3,963 and the 10-gram rate holding firm at Rs3,397.

Meanwhile, the Pakistan Stock Exchange (PSX) closed slightly higher on Monday as expectations of an interest rate cut ahead of the State Bank’s upcoming Monetary Policy Committee (MPC) meeting fuelled investor optimism.

The benchmark KSE-100 index gained 173 points, or 0.12 per cent, to settle at 139,380. The benchmark Index opened today’s trading session on a bullish note, buoyed by investor optimism stemming from expectations of a policy rate cut in the upcoming MPC meeting, alongside positive sentiment around corporate profitability amid the ongoing quarterly earnings season, analysts said.

FY2023-24: Inflation dips, remittances hit $38bn and FBR revenue jumps 26.3pc

However, profit-taking emerged in the latter half of the session, paring earlier gains. Nonetheless, the index managed to close in the positive territory, Pearl Securities said.