Gold prices continue upward march locally, globally

Gold prices in Pakistan saw a significant increase on Friday, mirroring the rise in international gold rates. In the local market, the price of gold per tola surged by Rs2,500, reaching Rs280,500.

Similarly, the price of 10-gram gold rose by Rs2,143, settling at Rs240,483, according to data from the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA).

On Thursday, the price of gold per tola had already increased by Rs3,700, closing at Rs278,000. The rise in domestic prices coincided with a boost in the international gold market.

The international price of gold rose by $25 on Friday, reaching $2,693 per ounce, with a premium of $20.

Silver prices, however, remained stable at Rs3,450 per tola.

Last month, gold prices in Pakistan reached an all-time high of Rs287,900 per tola.

Internationally, gold was set for its best week in a year, driven by safe-haven demand amid rising geopolitical tensions, particularly the ongoing Russia-Ukraine war, and investor speculation regarding potential US interest rate cuts.

On the other hand, the Pakistan Stock Exchange (PSX) continued its bullish momentum on Friday, achieving a historic milestone as the KSE-100 index surged by 1,762.80 points, or 1.81%.

The index reached an all-time high of 99,091.19 points during intra-day trading, surpassing its previous close of 97,328.39 points.