Gold prices jump in Pakistan in line with global bullion gains

KARACHI: Gold prices rose in Pakistan on Wednesday, tracking gains in global bullion rates, dealers said.

In the international bullion market, gold gained $35 per ounce to reach $4,811, extending its upward momentum, according to market data.

Following the global trend, local bullion markets also saw strong gains during the third trading session of the week.

In Pakistan, the price of 24-karat gold rose by Rs3,500 per tola to Rs503,462, market dealers said.

Similarly, the price of 10 grams increased by Rs3,001 to Rs431,637.

Dealers attributed the rise in domestic prices to movements in the international market, which continued to drive local sentiment.

On the other hand, Pakistan’s stock market extended its rally on Wednesday, with the benchmark index crossing the 170,000-point level for the first time, driven by strong investor sentiment and improved macroeconomic and geopolitical outlook.

The Pakistan Stock Exchange KSE-100 index surged as much as 4,698 points at the opening of trade, rising to 170,333 points, before extending gains to hit an intraday high of 170,553 points, up 4,918 points or about 2.9 per cent.

The rally marked a second consecutive day of strong gains on the bourse, following a sharp recovery in the previous session.

Market participants said the bullish momentum was supported by easing concerns over external pressures and improved global risk sentiment, particularly amid expectations of diplomatic engagement between the United States and Iran.

International media reports citing US President Donald Trump suggested talks between Washington and Tehran could advance, a development that helped ease concerns over potential disruptions to oil supply routes and pushed crude prices lower.

Global equities also edged higher, while oil prices softened on hopes of diplomatic progress.