Gold price in Pakistan continues upward trend

KARACHI: In line with the global upward trend, gold price in Pakistan increased for the third consecutive session on Wednesday, with price of gold per tola reaching Rs274,300.

According to the gold rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), price of gold per tola jumped by Rs800. Similarly, the price of 10-gram gold surged by Rs. 686, clocking it at Rs235,168.

During the last two days, gold price in Pakistan increased exponentially. On Tuesday, the price per tola rose by Rs3,600 while it surged by Rs2,500 on Monday. Likewise, gold hit an all-time high in the last month after surging to a record of Rs287,900 per tola.

On the other hand, the Pakistan Stock Exchange (PSX) crossed the 96,000 points mark early in the day, touching the morning’s highest at 96,711.33 points around 11 AM. The index had climbed nearly 900 points, when the political noise kicked in the profit-taking, causing most of the morning’s gains to reverse by the noon.

Around 3 PM, the benchmark KSE-100 index had declined below the opening level of 95,856.66 points, to trade around 95,696.28 points.

The recent notable improvement in the macroeconomic indicators has propelled the stock market to historic highs. The assurances by Finance Minister Muhammad Aurangzeb on the success of International Monetary Fund’s (IMF) mission, as well as confirmation of no additional taxes on salaried class had a positive impact on the investor confidence.

Likewise, the improving external outlook of the Pakistan’s economy and the incoming foreign exchange helped improve the investment inflow from foreign investors.