Gold and Silver Prices Drop in Pakistan and Global Markets
Gold prices witnessed a significant decline in both global and local markets, according to Express News.
In the international bullion market, gold prices fell by $43 per ounce, settling at $2,672. This decrease impacted local rates in Pakistan, where the price of 24-karat gold dropped by Rs4,300 per tola, now priced at Rs278,400. Similarly, the rate for 10 grams of 24-karat gold decreased by Rs3,657, reaching Rs238,683.
Silver prices also saw a downward trend in the local market. The per-tola rate of silver declined by Rs50, now standing at Rs3,400, while the 10-gram price dropped by Rs42.87.
These reductions reflect ongoing market volatility and offer some relief to buyers after a prolonged period of high metal prices.
PSX Gains Despite Political Uncertainty
The Pakistan Stock Exchange (PSX) maintained its upward momentum despite prevailing political instability. The KSE-100 index surpassed the 99,300 mark during intraday trading, showing resilience amid uncertainty.
The index climbed 1,519.24 points, or 1.55%, to close at 99,317.47 points. Strong investor confidence, bolstered by positive corporate earnings and macroeconomic indicators, contributed to the recovery.
With a trading volume of 130.47 million shares and a total trade value of $6.7 billion, the market displayed a cautious yet optimistic sentiment. This rally follows a previous close of 97,798.23 points, signaling gradual stability in the stock market.
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