Gold prices rise in Pakistan after steep fall

KARACHI: Gold prices in Pakistan rebounded sharply on Friday, reversing losses from the previous session, according to local market data.

The price of gold rose by Rs3,000 per tola to Rs497,662, compared with Thursday’s rate of Rs494,662, when prices had fallen steeply.

Similarly, the price of 10 grams of gold increased by Rs2,572 to Rs426,664, up from Rs424,092 a day earlier.

The recovery follows a sharp decline on Thursday, when gold prices dropped by Rs9,500 per tola and Rs8,145 per 10 grams after hitting record highs earlier in the week.

Analysts said fluctuations in international bullion markets, along with movements in the Pakistani rupee, continued to drive local gold prices.

Gold, considered a safe-haven asset during periods of economic uncertainty, has seen heightened volatility in recent weeks amid shifting global financial conditions and geopolitical tensions.

Traders said the latest rebound reflects renewed pressure in global markets, warning that domestic prices are likely to remain sensitive to international trends and currency fluctuations.

on the other hand, shares at the Pakistan Stock Exchange extended gains on Friday, with the benchmark index rising more than 1 per cent in early trade, as improved sentiment following a Middle East ceasefire buoyed investor confidence.

The benchmark KSE-100 index climbed 1,932 points, or 1.17 per cent, to 167,449 in early session trading, continuing a bullish trend seen throughout the week.

Analysts said easing geopolitical tensions after a ceasefire in the Middle East helped lift regional markets, including Pakistan.

Across Asia, equities also traded higher, with benchmark indices in Japan, South Korea and Indonesia gaining around 2 per cent, while markets in India and Vietnam rose about 1 per cent. Stocks in Shanghai and Hong Kong were marginally higher.