Gold prices in Pakistan hit new record high
These fluctuations are in line with the increase in international gold rates
Gold prices in Pakistan on Wednesday soared to a new record high of Rs277,200 per tola, marking an increase of Rs2,200.
This surge follows a dip in the previous session when prices had fallen to Rs275,000.
The cost for 10 grams of gold also experienced a notable rise, reaching Rs237,654, up by Rs1,886.
These fluctuations are in line with the increase in international gold rates, which were quoted at $2,675 per ounce, reflecting a rise of $22 from the day before.
In contrast, silver prices remained stable at Rs3,050 per tola. Last month, gold prices had previously peaked at Rs277,000 per tola.
Market analysts attribute the recent rise in gold prices to easing US Treasury yields and expectations surrounding upcoming US economic data that could impact Federal Reserve interest rate decisions.
Conversely, the Pakistani rupee has experienced a slight decline against major foreign currencies, with the US dollar (USD) trading at Rs278.15 for selling and Rs277.65 for buying.
Meanwhile, the Euro (EUR) is selling at Rs303.02 and buying at Rs302.47, while the British pound (GBP) stands at Rs363.60 for selling and Rs362.94 for buying.
On a positive note, the Pakistan Stock Exchange (PSX) is seeing an upward trend, with the index surpassing the 86,000-point mark during intra-day trading today.
On the third business day of the week, the PSX showed encouraging momentum, driven by investor interest that resulted in a 609-point increase, pushing the KSE-100 index to 86,449 points.
