KARACHI – Gold prices witnessed a notable increase on Thursday in both international and local markets after witnessing decline in previous two sessions.
In the global bullion market, the price of gold rose by $20 per ounce, reaching a new level of $3,345 per ounce.
Following the global trend, local gold rates in Pakistan also saw a sharp upward movement. The price of 24-karat gold increased by Rs2,000 per tola, bringing the new rate to Rs. 357,200 per tola.
Similarly, the price of 10 grams of gold went up by Rs1,715, reaching Rs. 306,241.
Silver prices also climbed alongside gold. The price of one tola of silver increased by Rs78, now priced at Rs. 4,013, while 10 grams of silver rose by Rs. 67, bringing it to Rs3,440.
Market analysts attribute the surge to ongoing global economic uncertainty, increased investor demand for safe-haven assets, and currency fluctuations.
Meanwhile, the Pakistan Stock Exchange (PSX) witnessed a volatile trading session on Thursday, as it registered losses despite reaching a strong intra-day high earlier in the day.
At the time of reporting, the benchmark index settled at 149,145.52 points, recording a loss of 1,445.48 points, or 0.96%.
The market opened on a positive note and climbed to an intra-day high of 151,249.62 points, driven by early investor interest.
However, selling pressure later in the session dragged the index down to an intra-day low of 148,272.57.
