KARACHI: Gold prices in Pakistan jumped by Rs1,400 on Wednesday after a massive decline, reaching Rs271,900 per tola as international rates rebound.
According to the All Pakistan Gems and Jewelers Association, the price of gold per tola across the country increased by Rs1400 reaching Rs278800.
The association said that 10 gramme of gold became more than Rs233,111 after an increase of Rs1,200.
Meanwhile, the international rate of gold increased on Wednesday. As per APGJSA, the rate was $2,607 per ounce (with a premium of $20) and was up by $14 during the day.
Gold prices have reached record highs in recent weeks, driven by escalating Middle East tensions and uncertainty over the upcoming U.S. election, both of which have boosted demand for safe-haven assets.
Separately, The Pakistan Stock Exchange (PSX) started the day at 93,224.56 points but faced early losses, shedding 280 points shortly after the market opened on Wednesday.
By 11am, the benchmark KSE-100 index had dropped to a low of 92,943.07 points.
However, the market reversed course in the afternoon, gaining over 560 points to reach 93,786.39 points by mid-day.
The stock market has been on an upward trajectory in recent sessions, hitting historic highs, driven by improving economic indicators.
Analysts attribute the bullish trend to several factors, including enhanced foreign investor sentiment following MSCI’s decision to add more Pakistani companies to its frontier markets index.
