KARACHI: Gold prices in Pakistan increased by Rs2,500 per tola on Friday, reaching Rs280,500 per tola, as international rates grew.
Similarly, 10-gram gold was sold at Rs240,483 after it recorded an increase of Rs2,143, according to rates shared by the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA).
The international rate of gold increased on Friday. As per APGJSA, the rate was $2,693 per ounce (with a premium of $20) and was up by $25 during the day.
Separately, the Pakistan Stock Exchange (PSX) maintained its bullish trend on Friday when the benchmark KSE-100 Index surpassed the 99,999 level during intra-day trading for the first time in history.
At around noon, the index stood at 98,972.43, with an increase of 1,644.04 points or 1.69 per cent from the previous day.
Apart from that, an intra-day high of 99,623.03 was recorded.
It was noted that there was broad-based buying across many sectors with major contributions coming from automobile assemblers, commercial banks, fertilizers and oil and gas exploration companies, OMCs as well as power generating companies. Stocks of the major index-dependent players such as FFC, FFBQL, PSO, PPL, and OGDC also registered positive movements.
The resultant uptrend in the market came on the heels of a wave of optimism that was buoyed by favorable macroeconomic statistics as well as the likelihood of further reductions in the key policy rates.
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