KARACHI: Gold prices in Pakistan increased by Rs3,100 per tola on Wednesday, reaching Rs280,500 per tola, as international rates increased.
Similarly, 10-gram gold was sold at Rs240,484 after it recorded an increase of Rs2,658, according to rates shared by the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA).
The international rate of gold decreased on Tuesday. As per APGJSA, the rate was at $2,693 per ounce (with a premium of $20) after it gained $31 during the day.
Silver prices also increased by Rs50, reaching Rs3,450 per tola.
Gold prices continued to climb on Wednesday as China pledged increased policy stimulus to boost its economic growth, strengthening demand in the world’s largest gold consumer.
It is also supported by escalating geopolitical tensions and expectations of another rate cut by the U.S. Federal Reserve next week.
Separately, The Pakistan Stock Exchange (PSX) regained bullish momentum a day after it witnessed a very volatile session and closed in a negative zone.
The market’s rally reflected strengthened sentiment with the benchmark KSE-100 Index gaining over 2,000 points during the early hours of trading on Wednesday.
At 10:35am, the benchmark index was hovering around 110,930.46, a rise of 2333.81 points or 1.87 percent.
There was all-round buying in the main sectors like automobile assemblers, cement, commercial banks, fertilizer, oil and gas exploration companies, OMC, refinery, and power generation. Key index heavyweights like HUBCO, PSO, SSGC, SHELL, ENGRO, MCB, MEBL, HBL, and DGKC were in green territory.
