Gold prices hit new peak in Pakistan

23 October, 2024 17:10

Gold Rate in UAE Today: Gold Rate in Dubai – 5th March 2025

The price of gold in Pakistan increased on Wednesday as it neared the Rs. 300,000 per tola milestone.

The price of gold (24 carats) increased by Rs. 2,000 per tola to Rs. 285,400, while the price of 10 grams was up by Rs. 1,714 to Rs. 244,684, according to data issued by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA),

In the international market, spot gold was trading at $2,754.25 per ounce as of 0748 GMT, after hitting an all-time high of $2,755.30 earlier in the session.

The price of gold in Pakistan stood at Rs. 220,000 per tola at the end of 2023. It has since increased by Rs. 65,400 per tola or nearly 30 percent.

Meanwhile, Pakistan Stock Exchange have breached the psychological barrier of 87,000 points to touch a new historic high on Wednesday.

The development came mainly due to an optimism that the national economy is on the right track as supported by strong data and International Monetary Fund (IMF) projections for the fiscal year 2024-25.

The KSE-100 Index jumped to 87,128.04 points in early trading, up from the previous close of 86,466 points.

Heavy buying was registered in blue chips from automobile assemblers, chemicals, cement, commercial banks, oil marketing companies, oil and gas exploration companies, and refineries, saw bullish trend.

The first quarter corporate earnings season is unveiling with predictions of strapping payouts/dividends and bullish investors are entering the right sectors.

The capital market is riding a bullish wave after the passage of the 26th Amendment.

The International Monetary Fund (IMF) has projected a 3.2 per cent GDP growth rate for the fiscal year 2025. The inflationary pressures have declined. The national economy is expected to experience a boost. This growth is anticipated to leave a positive impact on the unemployment rate.