Gold prices fall in global, local markets

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Gold prices have decreased in both international and local markets on November 11 (Monday).

In the international bullion market, the price of gold per ounce has dropped by $13 to reach $2670.

Meanwhile, in local bullion markets, the price of 24-carat gold per tola has decreased by Rs 1300, bringing it down to Rs 277,500 per tola. The price of gold per 10 grams has also fallen by Rs 1115 to Rs 237,911.

Despite the drop in gold prices, the price of silver has remained stable, with no change in the price of silver per tola, which remains at Rs 3300, and the price per 10 grams remains unchanged at Rs 2829.21.

Meanwhile the Pakistan Stock Exchange (PSX) saw a strong start at the beginning of the week, with the benchmark KSE-100 Index setting a new record on Monday.

During intra-day trading, the index surged by 526 points or 0.59% at 11am, briefly crossing the 94,000-point level.

Earlier bitcoin soared to a new record high on Sunday, as traders bet that Donald Trump’s return to the White House will be good for the cryptocurrency.

The digital currency passed $80,000 for the first time in its history shortly after 12:00 pm (1200 GMT).

It has been rising since Republican candidate Trump won last Tuesday’s US presidential election over sentiment that he will ease regulations on digital currencies.

Bitcoin reached $75,000 on Wednesday, topping its previous all-time peak of $73,797.98 achieved in March.