Gold prices surge in Pakistan amid global market trends
The price of gold in Pakistan saw a significant hike on Monday, reflecting trends in the global market. After consecutive decreases, the price of 24-karat gold per tola rose by Rs2,000, settling at Rs276,400, while the price of 10 grams increased by Rs1,714, reaching Rs236,968, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
In the international market, gold prices also climbed by $20 per ounce, bringing the price to $2,652. This increase, coupled with an additional $20 premium, highlights the global impact on local rates. Gold prices are influenced by factors such as currency fluctuations, geopolitical stability, and economic conditions, making it a preferred safe-haven asset during uncertain times.
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While gold prices surged, silver remained stable in Pakistan at Rs3,400 per tola. Globally, silver prices also showed resilience, with no significant changes reported. Locally, silver prices stand at Rs2,812.10 per 10 grams and Rs281.21 per gram.
On the same day, the Pakistan Stock Exchange (PSX) recorded an impressive start to the business week. The KSE-100 Index rose by 1,169.94 points (1.07%), reaching an intra-day high of 110,248.98. By 11:50 am, the index stood at 110,223.89 points, reflecting a sharp rise from the previous session’s closing at 109,053.95 points.
A total of 258.86 million shares were traded during the day, with a market value of Rs19.37 billion. The optimistic trading reflects positive investor sentiment, contributing to a buoyant outlook for the stock market.
Gold prices globally and locally are affected by multiple factors, including:
- Global Economic Conditions: Inflation, interest rates, and macroeconomic stability play a key role.
- Geopolitical Tensions: Uncertainty drives demand for gold as a safe-haven asset.
- Currency Fluctuations: Variations in the US dollar’s strength significantly impact gold prices.
- Investment Trends: Central banks, jewellery demand, and investment interest further shape market dynamics.
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