Gold prices rise in Pakistan; stocks gain, rupee edges up

KARACHI: Gold prices in Pakistan rose by Rs3,500 per tola on Wednesday, while the Pakistan Stock Exchange (PSX) recorded gains and the rupee edged up against the US dollar in interbank trading.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold increased to Rs425,636 per tola from Rs422,136 a day earlier.

The price of 10-gram gold rose by Rs3,001 to Rs364,914, the association said.

Internationally, gold gained $35 to reach $4,031 per ounce, according to rates reported by the association. Silver prices in the domestic market also increased, rising by Rs61 to Rs5,854 per tola, Business Recorder reported.

Gold prices are influenced by international bullion rates, currency movements, investor demand and broader economic and geopolitical developments. Investors often turn to gold as a store of value during periods of uncertainty, although price movements also depend on interest-rate expectations and the strength of the US dollar.

In Pakistan, international gold prices and the rupee-dollar exchange rate are among the factors used to determine domestic bullion rates.

Stocks extend gains

The Pakistan Stock Exchange maintained its positive momentum on Wednesday, with the benchmark KSE-100 index gaining ground during the trading session.

According to the figures supplied for the market close, the index rose by 1,269 points to settle at 165,736 points.

However, the Pakistan Stock Exchange’s online data showed the KSE-100 at 166,030.81 points, up 1,563.61 points, in an update at 3:05pm. The closing figure should be confirmed against the exchange’s final market data before publication.

Rupee edges up

Meanwhile, the US dollar fell by three paisa to Rs276.77 in interbank trading, according to the figures supplied for the market update.

The rupee’s movement was modest, with the exchange rate remaining close to recent levels. On Tuesday, the rupee had closed at Rs276.80 against the dollar, according to market reporting by Daily Times.

The movements in gold, equities and the currency market came amid continuing investor attention to global economic conditions, new monetary policy and geopolitical developments.