Gold prices remain stable in global, local markets

The prices of gold remained stable in both global and local markets today.

In the international bullion market, the price of gold per ounce remained unchanged at $2683.

Yesterday in the local bullion markets, the price of 24-carat gold per tola rose by Rs2,000, reaching a new level of Rs278,800.

On the domestic front, the price of 24-carat gold per tola in local jewelry markets also remained steady at Rs278,800. Similarly, the price of gold per 10 grams remained unchanged at Rs239,026.

The price of silver in the country also saw no change, with the price of silver per tola remaining at Rs3,300, and per 10 grams at Rs2,829.21.

Meanwhile, the Pakistan Stock Exchange (PSX) on Friday soared past the 93,000-point mark for the first time ever, taking cue from rising global equities and falling local lending rates.

Another major trigger was the increase in Pakistan's weight in the MSCI Frontier Market Small Cap Index, which would attract foreign investors.

Earlier, the day began with a wave of optimism and after the midday break, the KSE-100 index swiftly advanced to the intra-day of 93,514.56.

The remarkable strength of the market reflected growing optimism about Pakistan's economic outlook, particularly due to expectations of ratings upgrade and ongoing reforms. Those factors fuelled investor confidence, driving the market to new highs.