Gold prices in Pakistan soar again after brief decline

ISLAMABAD: Gold prices in Pakistan surged on Friday, marking a sharp reversal after two days of decline, with a notable increase of Rs2,500 per tola.

According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold rose by Rs2,500 per tola, bringing the new rate to Rs357,600.

Similarly, the price of 10 grams of gold increased by Rs2,143 to reach Rs306,584.

The uptick comes amid a simultaneous rise in the international market, where gold climbed by $25 to $3,351 per ounce.

The jump follows a brief drop last Thursday when the per tola price had fallen by Rs900 to Rs355,100.

Likewise, the price of 10 grams of 24-karat gold had dropped by Rs771 to Rs304,441, while 10 grams of 22-karat gold had decreased by Rs706 to Rs279,081.

Meanwhile, Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index extended its upward trajectory during the week, climbing to new all-time highs on the back of sustained investor optimism.

The Index opened on a positive note and gained to make an intraday high of +1,920 points (+1.38%) on buying by local institutions, however profit taking was observed in the second half of trading session as investors came in to book their profit before the weekend.

This momentum was primarily driven by strong corporate earnings expectations and continued strengthening of key macroeconomic indicators, Pearl Securities stated.