Gold scales record highs in Pakistan and global markets

KARACHI: Gold prices soared to an all-time high in both local and international markets on Friday.

According to the All-Pakistan Gems and Jewellers’ Sarafa Association (APGJSA), the price of 24-karat gold rose by Rs1,200 per tola to Rs377,900 in the local market compared with Rs376,700 a day earlier.

Similarly, the price of 10 grams of 24-karat gold increased by Rs1,029 to Rs323,988 from Rs322,959, while 22-karat gold rose by Rs943 per 10 grams to Rs296,999 from Rs296,056.

Silver prices remained unchanged in local markets, with 24-karat silver at Rs4,315 per tola and Rs3,699 per 10 grams. In the international market, silver was stable at $40.82 per ounce.

Pakistani rupee extends winning streak as dollar dips for 20th straight session

In the global bullion market, gold climbed by $12 per ounce, reaching $3,552 from $3,540. Analysts say the rally is being fuelled by persistent economic uncertainty, central bank buying and expectations of looser monetary policy in major economies.

With both global and local markets setting new highs, jewellers and investors are closely watching how long the rally continues.

Meanwhile, positive developments on investment MoUs and diplomatic successes continued to buoy sentiment at the Pakistan Stock Exchange (PSX).

On Friday afternoon, the benchmark KSE-100 index topped 154,211.60 points, gaining 1,545.88 points from the opening level of 152,665.72. The index had closed at a record high on Thursday, driven by strong economic data, rupee stability and optimism over CPEC Phase-II.

Trading remained volatile on Thursday as profit-taking emerged, but the market held its ground on Friday and showed a steady upward trend.

PM Sharif’s China visit termed ‘productive’

Prime Minister Shehbaz Sharif’s visit to China was described as productive in terms of regional engagement, according to the Foreign Office.

During the trip, the prime minister represented Pakistan at the Shanghai Cooperation Organization (SCO) summit, where he stressed the need to strengthen regional cooperation among member states and reiterated Pakistan’s commitment to the organisation’s vision.