Gold prices in Pakistan hit new all-time high

KARACHI: Gold prices in Pakistan continued their upward trend on Monday as the per tola rate surged by Rs4,000, reaching an all-time high of Rs303,000.

According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 10 grams of 24-karat gold increased by Rs3,429, closing at Rs259,773.

Meanwhile, the rate for 22-karat 10-gram gold reached Rs238,133. 

Silver also saw a significant rise, with per tola and 10-gram rates increasing by Rs43 and Rs37 to reach Rs3,373 and Rs2,891, respectively. 

In the international market, gold prices surged by $42, with the per-ounce rate recorded at $2,903.

Gold price in Pakistan surpassed Rs300,000 per tola for the first time amid a sharp surge in rates on Friday. The price of 24-karat gold had increased by Rs1,346, reaching Rs300,346 per tola.

However, after reaching a historic high on Friday, gold prices in Pakistan had declined on Saturday. The price of 24-carat gold in local sarafa markets had dropped by Rs1,046 per tola, settling at Rs299,000. 

Similarly, the price of 10 grams of gold had decreased by Rs897, reaching Rs256,344. 

KSE-100 closes at 111,377 points

On the other hand, the Pakistan Stock Exchange (PSX) closed on a positive note on the first trading day of the week. The benchmark KSE-100 index gained 1,055 points, closing at 111,377 points.

The PSX jumped 500 points right after the market opened on Monday. This was a hopeful reversal from Friday’s losing trend. However, minutes into trading, the benchmark KSE-100 index turned the tide again falling below the opening before 10 AM.

The KSE-100 index opened at 110,322.93 points, and rose to the morning’s highest at 110,845.17 points. Soon after, it tumbled down to 109,948.57 points showing more than 350 points decline from opening stage. By 10:30 AM, the index had recovered some of the losses but was still seen trading below the opening stage.