KARACHI – Gold prices on Monday saw a notable rise, continuing gains from last week, driven by an upward trend in the international market.
Data shared by All Pakistan Gems and Jewellers Association showed per tola gold increased by Rs3,900 to settle at Rs475,962.
Similarly, the price of 10 grams of gold went up by Rs3,343, closing at Rs408,060.
Silver also saw a rise, with the price of one tola increasing by Rs70 to Rs7,524.
On the international market, the rate of gold per ounce rose by $39, reaching $4,532.
Meanwhile, Pakistan Stock Exchange (PSX) slipped sharply on Monday as escalating conflict in the Middle East has left investors confused, sparking selling spree.
During intraday trading, the KSE-100 index plunged 3,793.82 points or 2.5 percent to reach 147,913.69 points with experts fearing further dip during the day.
In previous session, the benchmark index shed 1,200.45 more points, a negative change of 0.79 percent, closing at 151,707.52 points.
Out of 478 active companies in the ready market, 126 advanced, 287 declined, and 65 remained unchanged.
Oil prices surged on Monday as escalating conflict in the Middle East sparked investor concerns about a possible U.S. ground intervention. The entry of Houthi rebels into the Iran war added to fears of broader regional instability.
West Texas Intermediate crude rose 3.0 percent, reaching $102.61 per barrel, while Brent North Sea crude climbed 3.2 percent to $116.15 per barrel.
The surge in oil prices coincided with falling global stock markets, as investors reacted to the heightened geopolitical risk and uncertainty surrounding energy supplies from the region.
Analysts warn that further escalation could continue to drive energy prices higher and increase volatility in financial markets worldwide.
