KARACHI – Gold extended losses on first day of the new business week in Pakistan amid ongoing downward trend in international market.
Data shared by All Pakistan Gems and Jewellers Association showed per tola gold price plunged by Rs1,800 to settle at Rs522,762.
Similarly, the price of 10-gram gold dropped by Rs1.543, taking the new rate to Rs448,184 in local market.
The international bullion market also recorded bearish trend with per ounce rate falling by $18 to hover at $5,000.
Meanwhile, Pakistan Stock Exchange (PSX) opened in red as escalating tensions in the Middle East shook investor confidence, sending the benchmark KSE-100 Index sharply lower in early trading.
Within minutes of market opening, the index tumbled close to 1,500 points, showing widespread panic selling across key sectors. Before noon, the benchmark was hovering at 152,480, marking decline of 0.90%, as investors rushed to reduce exposure amid rising geopolitical uncertainty.
The sell-off was broad-based, hitting major sectors including automobile assemblers, cement manufacturers, commercial banks, and power generation companies. Heavyweight stocks such as HUBCO, INDU, LUCK, HBL, MCB, and MEBL were all trading deep in the red, amplifying the market’s downward momentum.
The latest drop extends painful streak for PSX. During previous week, the KSE-100 Index already suffered significant setback, falling 3,629.92 points on a week-on-week basis, a 2.3% decline, to close at 153,866.17. Analysts link persistent pressure to combination of global geopolitical tensions, domestic security concerns, and ongoing macroeconomic uncertainty, all of which have dampened investor sentiment.
