Gold prices in Pakistan rose in step with global bullion gains as the local stock market also hit record highs amid improving investor sentiment.
KARACHI: Gold prices in Pakistan rose on Wednesday, tracking gains in the international bullion market as global rates extended their upward momentum. In overseas trading, gold increased by $35 per ounce to $4,811, supported by sustained investor demand and market uncertainty.
Following the global trend, domestic bullion markets recorded sharp increases. The price of 24-karat gold in Pakistan climbed by Rs3,500 per tola to Rs503,462, while the price of 10 grams rose by Rs3,001 to Rs431,637, according to market dealers.
Dealers said local prices moved in line with international fluctuations, which continued to set the tone for sentiment in Pakistan’s gold trade. They noted that volatility in global markets remained the key driver of domestic pricing.
Meanwhile, Pakistan’s stock market extended its bullish run, with the benchmark KSE-100 index crossing the 170,000-point mark for the first time. The index surged as much as 4,698 points at the opening to 170,333 points and later hit an intraday high of 170,553 points, up 4,918 points or about 2.9 per cent.
Market analysts attributed the rally to improved investor confidence, easing external pressure concerns, and positive global risk sentiment. Reports of potential diplomatic engagement between the United States and Iran helped ease fears over oil supply disruptions, contributing to softer crude prices and stronger equity performance worldwide. Traders expect continued volatility in the coming sessions.
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