Global Gold Prices Surge, Local Market Follows Suit

The global gold prices have risen, with an ounce now trading at $2645, a $5 increase. This trend is mirrored in the local market, where gold prices have reached Rs275,600 per tola and Rs236,368 for 10 grams. The Pakistan Stock Exchange (PSX) also reported significant gains, with the KSE-100 index rising by 1,533.30 points or 1.46%, bringing the benchmark index to 106,637.63 points.

Locally, the price of gold per tola dropped by Rs300 to Rs274,400, while 10-gram gold decreased by Rs257 to Rs235,254. Interestingly, the global rate of gold slipped by $3 to $2,632 per ounce. However, silver rates remained consistent, trading at Rs3,400 per tola. The fluctuations between the international and local markets indicate that the gold prices in Pakistan have a fixed premium. Despite the reciprocal changes in international and local markets, the silver prices exhibit a stable trend, remaining unchanged at Rs3,400 for ten tolas.

Furthermore, international gold prices dropped again, falling by $10 to $2,635 per ounce. Despite this decline, the value of gold in local markets still seems to be rising, with a tola now being sold for Rs274,700 locally, and 10 grams fetching Rs235,511. The inconsistent performance of international and local gold prices indicates that the market is still booming in Pakistan. Despite these uncertainties, there is no change observed in silver prices. The benchmark index, PSX KSE-100 experiences a jump of 1.46%, therefore, making stock exchange highly competitive.

The fluctuations in gold and silver prices globally have consistently had a ripple effect on the local market. Pakistani investors are closely monitoring the changes to ensure they can reap maximum profits. Although we do not have much information about analysts' predictions, market experts say the difference between the international gold rates from the previous day would stabilize slightly, while remains unknown whether market would further steady down.