Gold prices go up in local, international markets

KARACHI: The price of gold has experienced a significant hike in the local market with the price of one tola of gold rising by Rs1,400 on Thursday.

The new hike brought the price of one tola of gold per to Rs0.274 million.

Similarly, the price of 10 grams of gold increased by Rs1200 in the local market. The price of 10 grams of gold rose to Rs0.234.911 in the local market.

In the international market, gold gained on Thursday in light holiday trading, boosted by slight weakness in US dollar and geopolitical tensions, as investors eyed Federal Reserve’s 2025 rate strategy and Trump’s tariff policies, which could shape the metal’s trajectory next year.

Spot gold rose 0.5 per cent to $2,626.10 per ounce, as of 0246 GMT.

Bullion has risen 27 per cent this year and is on track for its best performance since 2010, driven by major Fed cuts and heightened geopolitical uncertainties.

Gold is considered a safe investment option during geopolitical turmoil and thrives in low interest rate environment.

Meanwhile, the Pakistan Stock Exchange (PSX) closed Thursday’s session with 1,991.48 points decline.

After opening at 112,414.80 points, the benchmark KSE-100 index continued to steadily decline throughout the trading period today.

The lowest of the day was recorded at 109,858.88 points, after which the index marginally recovered before closing at 110,423.32 points.

Market analysts are of the opinion that the index was taken over by the bears due to the selling pressures by the investors looking for year-end gains.

Telecom and energy sectors seemed to take the most hit, with the fertilizer and banking sector managing to stay in the green for the most part.

This volatility in the index has continued from Tuesday, when the KSE-100 index went through a correction period after massive growth of above 4,400 points seen on Monday.

On Wednesday, the index remained closed on account of the Quaid’s day/Christmas, but today it continued with the declining trend from Tuesday.

Earlier, Federal Finance Minister Muhammad Aurangzeb and Federal Bureau of Revenue (FBR) Chairman Rashid Langrial held a press conference detailing the need for tax reforms in the country.

The FBR chairman said that at least 2.7 million Pakistanis were not filing their tax returns. He also said, “Out of 3.3 million people in the top 5 per cent income category, only 600,000 people file taxes.”

The finance minister said that the government is aiming to avoid burdening the tax payers with more taxes, instead focusing on increasing the tax base.