Rally ends as gold prices dip in local and international markets

A significant decline in gold prices has been recorded in both global and local markets after hitting record highs for straight seven days.

After a prolonged period, a downward trend has emerged in gold prices in global and local markets, resulting in an international bullion market price drop of $23 per ounce, bringing it down to $2,734.

Meanwhile, in local bullion markets, the price of 24-karat gold fell by Rs2,300, settling at Rs283,100per tola, while the price for 10 grams of gold also decreased by Rs1,971 to reach Rs242,713.

In contrast to the decline in gold prices, the price of silver remained stable at Rs3,350 per tola, with no change in the price of silver per 10 grams, which remained steady at Rs2,872.08.

On the other hand, The Pakistani Ruppee saw minor losses against major currencies in the world with the US dollar (USD)selling at Rs 278.10 and being bought for Rs 277.60.

The Euro (EUR) follows suit, priced at Rs 300.22 for selling and Rs 299.68 for buying.

Meanwhile, the British Pound (GBP) also strengthened selling at Rs 359.74 and being bought at Rs 359.10.

Moreover, Pakistan stock market opened with an increase of 256 points, pushing the KSE 100 index to a new peak of 88,123.79 points. Following this, the upward trend continued to strengthen for the forth consecutive day.

At one point, the market saw an increase of 823 points in the 100 index, allowing it to cross the 88,000 level, marking the highest point in PSX history.