Gold prices rebound after two-day decline in global, local markets

After two days of decline, the price of gold has increased once again in both global and local markets.

In local bullion markets, the price of 24-carat gold per tola increased by Rs 1600, reaching Rs 275,900, and the price of 10 grams of gold rose by Rs 1372, reaching Rs 236,540.

Meanwhile, in the international bullion market, the price of gold per ounce rose by $16, reaching $2647.

Despite the rise in gold prices, the price of silver remained unchanged, with the per tola silver price steady at Rs 3400, and the price of 10 grams of silver remained at Rs 2914.95.

Yesterday in Pakistan, the price of 24-karat gold decreased by Rs4,100 per tola, settling at Rs274,300, while 10 grams of gold saw a reduction of Rs3,515, closing at Rs235,168.

On the international front, the price of gold fell by $41 per ounce, bringing it to $2,631 in the bullion market. This decline in global rates influenced the local markets, leading to the observed price drops on Tuesday.

The exchange rate for the US Dollar has seen a marginal increase today, with the selling rate rising to Rs 278.25 and the buying rate to Rs 277.75, marking a 10 paisa increase compared to yesterday's rates of Rs 278.15 and Rs 277.65, respectively.

The Pakistan Stock Exchange (PSX) witnessed a strong rally on Wednesday as political tensions in the capital eased, following Pakistan Tehreek-e-Insaf’s (PTI) announcement to suspend its three-day protest in Islamabad.

The move significantly boosted investor sentiment, leading to a sharp increase in market activity.

The benchmark KSE-100 Index surged by 3,740.84 points, or 3.96%, closing at 98,315.19 points after hitting an intra-day high.