Gold price makes biggest jump ever, crosses Rs300,000 per tola

KARACHI: Gold price reached an all-time high in Pakistan on Friday, surpassing Rs300,000 per tola for the first time amid a sharp surge in rates. 

According to the All Pakistan Gems Jewellers Traders and Exporters Association, the price of 24-karat gold increased by Rs1,346, reaching Rs300,346 per tola.

Meanwhile, the rate for 10 grams of 24-karat gold surged by Rs1,154, reaching Rs257,241. 

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Similarly, the price of 22-karat gold for 10 grams climbed to Rs235,812. 

Silver prices also saw an increase, with per tola rates rising by Rs51 to reach Rs3,378, while the 10-gram price increased by Rs44 to Rs2,896. 

In the international market, gold gained $10 per ounce, trading at $2,869. 

On February 5, gold price had surged by Rs5,300 per tola, nearing the Rs300,000 mark for the first time.

However, the following day saw a Rs900 drop, bringing the price of 24-karat gold to Rs298,700 per tola. 

The continuous upward trend in gold price began on January 31 when rates touched Rs291,800 per tola, reaching Rs294,300 on February 4 and peaking at Rs292,400 on February 3.

On the other hand, the Pakistan Stock Exchange (PSX) opened the last trading day of the week in the green, as the benchmark KSE-100 index rose by 430 points to 110,731.46 within the first few minutes of trading at around 9:18 AM, with a volume of 934,106.

By 9:38 AM, the KSE-100 index had surged by 547 points to 110,848.82, with the volume increasing to 8,088,273. This was the highest level the stock market reached before 12 PM.

However, the stock market entered negative territory around 11:48 AM, declining by 289 points to 110,012.02.

PSX dips but stays above 110,000 mark

During this time, several KSE-100 index companies traded in the red, including:

Mehmood Textile Mills Limited (MEHT), down by 7.60 per cent or Rs46.64 to Rs566.68

Punjab Oil Mills Limited (POML), down by 5.46 per cent or Rs8.15 to Rs141.01

Pak-Gulf Leasing Company Limited (PGLC), down by 4.72 per cent or Rs0.99 to Rs20

Unity Foods Limited (UNITY), down by 3.89 per cent or Rs1.22 to Rs30.14

The Bank of Punjab (BOP), down by 3.22 per cent or Rs0.32 to Rs9.61