Gold prices in Pakistan continue downward trend

ISLAMABAD: Gold prices in Pakistan fell for the third day in a row on Thursday, following a decline in the international market rates.

According to data released by the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold declined by Rs900 per tola, settling at Rs355,100.

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

Silver prices also witnessed a dip, with the rate per tola falling by Rs50 to Rs3,964 and 10 grams slipping by Rs43 to Rs3,398.

Internationally, the price of gold declined by $9 per ounce, closing at $3,326.

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On Wednesday, the per tola price of 24-karat gold had dropped by Rs3,000 to Rs356,000, while 10 grams had become cheaper by Rs2,572, closing at Rs305,212.

Likewise, on July 15, gold prices had declined by Rs700 per tola, recording Rs359,000.

PKR recovers against USD 

Meanwhile, the Pakistani rupee posted a slight gain against the US dollar in early interbank trading, appreciating by 0.05 per cent.

By noon, it was trading at 284.83, up by 13 paisa from the previous close of 284.96.

The currency has lost Rs1.20 or 0.42 per cent during the current fiscal year, while it has weakened by Rs6.41 or 2.25 per cent since the beginning of the calendar year.

KSE-100 index closes historic high

On the other hand, the Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index continued its upward trajectory, hitting an all-time intraday high of 138,943.47 points before closing at a record 138,665.49, up 2,285.53 points (+1.68%).

Investor sentiment was buoyed by expectations of a potential rate cut in the upcoming monetary policy, following a decline in yields during Wednesday’s PIB auction.

After catching their breath for two sessions, the bulls stormed back onto the trading floor, charging the benchmark KSE-100 Index to an intraday high of 2,563 points before closing at a mighty 138,665 — up 2,285 points or 1.68%.

“The rally was driven by heavy institutional flows, with local investors stepping in to scoop up value, reigniting market momentum,” Topline Securities said.