KARACHI – Gold extended losses for third consecutive day in Pakistan on Thursday amid decline rates in international market.
Data shared by All Pakistan Gems and Jewellers Association showed per tola price plunged by Rs2,800 to reach Rs537,162.
Similarly, the price of 10 grams of gold also decreased by Rs2,401 to drop to Rs460,529 whereas the price of 10 grams of 22-karat gold fell by Rs2,201 to Rs422,166.
The rates of per tola silver also recorded a decline as it drop to Rs8,810 after shedding Rs194 whereas 10-grams silver traded at Rs7,553 after shedding Rs166.
In the international market, the price of gold decreased by $28 to $5,144.
Meanwhile, buying momentum witnessed at Pakistan Stock Exchange, as benchmark KSE-100 Index skyrocketed by 5,433 points on Thursday. The index closed at 161,210 pointed reflecting 3.49%, signaling renewed investor confidence.
Market activity was dominated by heavy buying across high-profile sectors, including automobile assemblers, cement producers, commercial banks, and the oil and gas industry.
Power generation and refinery stocks also witnessed strong demand. Index heavyweight names such as Attock Refinery Limited, Hub Power Company, Mari Petroleum Company Limited, Oil and Gas Development Company Limited, Pakistan Petroleum Limited, Pakistan Oilfields Limited, Pakistan State Oil, Sui Northern Gas Pipelines Limited, Sui Southern Gas Company, MCB Bank Limited, Meezan Bank Limited, National Bank of Pakistan, and United Bank Limited traded in the green, fueling the market’s explosive rise.
