Gold prices rise sharply, hitting Rs 280,500 per tola

The price of gold per ounce in the international bullion market has increased by $31, reaching $2,693.

Meanwhile, in the local gold markets, on Wednesday, the price of 24-carat gold per tola also increased by Rs3,100, reaching Rs280,500, while the price of 10 grams of gold rose by Rs2,658, reaching Rs240,484.

Similarly, the price of silver per tola rose by Rs50, reaching Rs3,450, and the price of 10 grams of silver increased by Rs42.86, reaching Rs2,957.81.

Earlier Gold prices rose for the second consecutive day on Tuesday, which came in line with the international market trend.

In the local market, the price of gold per tola increased Rs1,000 to Rs277,400. Similarly, the price of 10-gram gold went up Rs858 and settled at Rs237,826, according to data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA).

On Monday, gold prices had surged Rs2,000 per tola, reaching Rs276,400. Globally, the bullion market also saw an upward trend as the APSGJA reported that the price stood at $2,662 per ounce, reflecting a $10 rise during the day.

Interactive Commodities Director Adnan Agar attributed the international price surge to geopolitical tensions, particularly following the Syrian political upheaval, which resulted in the ouster of Bashar al-Assad's government.

Meanwhile the Pakistan Stock Exchange (PSX) witnessed a positive session on Wednesday, with the KSE-100 Index rising by 1,493 points, or 1.37%, to close at 110,390.

The market opened with strong momentum and reached a high of 111,005 during the trading session, before settling at its final position.

The boost also came as participants of the Islamic Capital Market Conference and Expo rang the gong to signal the beginning of business.

Dr. Shamshad Akhtar, a prominent figure in Islamic finance, addressed the conference, acknowledging the achievements of the sector but also highlighting the ongoing challenges.