Gold prices plunge in Pakistan and global markets

Gold prices dropped sharply in both global and Pakistan markets, reflecting broader market trends, Express News reported on Monday.

In the international bullion market, the price per ounce of gold fell by $43, reaching $2,672. This global drop affected local prices in Pakistan, where the rate per tola (11.66 grams) of 24-karat gold decreased by Rs4,300, settling at Rs278,400.

Additionally, the price for 10 grams of 24-karat gold fell by Rs3,657, ending at Rs238,683.

Silver prices also saw a reduction in the local market, with a per-tola price cut by Rs50, bringing it to Rs3,400. The rate for 10 grams of silver declined by Rs42.87.

The decline in gold and silver prices comes amid market volatility, offering some respite to buyers amid a previous high in metal costs.

PSX continues winning streak despite political uncertainty

The Pakistan Stock Exchange (PSX) defied political uncertainties in the country today, with the benchmark KSE-100 index surging past the 99,300 mark during intraday trading.

Despite ongoing concerns over political instability, market sentiment remained resilient, driven by strong investor confidence and positive corporate earnings reports.

The KSE-100 index gained 1,519.24 points, or 1.55%, to reach 99,317.47 points. The recovery was attributed to a rebound driven by investor optimism fueled by macroeconomic factors, despite the political turmoil.

The market's performance was driven by a strong volume of 130,471,037 shares traded.

This slight rally follows the previous close of stock market was 97,798.23, indicating a steady but cautious market environment.

With a total value of 6.7 billion dollars in traded shares, investors appear to have found a balance between risk and return.