KARACHI – Gold prices experienced a modest decline on Thursday, bringing an end to a six-day streak of gains.
This drop was primarily attributed to a downturn in the global gold market. According to data from the All Pakistan Gems and Jewellers Association, the price of per tola gold fell by Rs700, settling at Rs540,562.
Furthermore, the price of 10 grams saw a reduction of Rs600, bringing its new value to Rs463,444.
On the international front, gold prices witnessed a slight drop of $7, with the price per ounce falling to $5,178.
In contrast to the gold market’s decline, the Pakistan Stock Exchange (PSX) posted strong gains on Thursday.
The market’s benchmark index rose by 4,266.79 points, closing at 168,893.08 – a 2.59% increase from the previous day’s close.
The index saw a high of 169,374.27 during the session, although it touched a low of 162,953.63 at one point.
A total of 355,320,144 shares changed hands, reflecting a robust level of trading activity. The market had closed at 164,626.29 in the previous session.
Despite the drop in gold prices, the stock market’s performance appears to have attracted investor attention, signaling a potential shift in market dynamics. Analysts will be closely watching these developments in the coming days for any further trends.
