Gold prices in Pakistan moved higher on Thursday, tracking a modest rise in international bullion rates, while silver lost ground in the local market.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold increased by Rs400 per tola, taking it to Rs425,436. The rate for 10 grams of gold also climbed by Rs434 to Rs364,742.
The latest increase follows Wednesday’s gain, when gold added Rs900 per tola to settle at Rs425,036, extending the precious metal’s upward trend in the local market.
In the international market, gold prices also inched higher. The global bullion rate rose by $4 to $4,030 per ounce, including a premium of $20, providing support to domestic prices.
Unlike gold, silver recorded a decline. The price of silver fell by Rs134 per tola to Rs6,155 in the local market.
Meanwhile, Pakistan’s stock market continued its strong rebound for a second straight session, reflecting renewed investor confidence.
The benchmark KSE-100 Index was trading at 178,378.43 points by 12:09pm, up 3,092.65 points or 1.76 percent during the session.
Buying interest remained broad-based, with investors accumulating shares across automobile assemblers, cement manufacturers, commercial banks, oil and gas exploration companies, oil marketing firms, power producers and refineries. Major index-heavy stocks, including ARL, HUBCO, OGDC, POL, PPL, PSO, SSGC, MCB, MEBL and UBL, traded in positive territory.
The rally followed Wednesday’s recovery, when bargain hunting helped the benchmark index close 1,766.97 points, or 1.02 percent, higher at 175,285.78 after the previous session’s steep losses. Despite the rebound, market participants continued to monitor geopolitical developments in the Middle East.
Across Asia, shares traded lower on Thursday as weakness in chipmakers weighed on sentiment ahead of Taiwan Semiconductor Manufacturing Company’s earnings. However, softer than expected US inflation data supported bond markets by easing concerns over the possibility of an early interest rate increase.
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