KARACHI – Gold extended gains for second consecutive days in domestic market of Pakistan on Thursday amid rising global prices due to geopolitical tensions.
Data shared by All Pakistan Gems and Jewellers Association showed per tola gold price surged by Rs7,900 to reach Rs523,962.
Similarly, the price of 10-gram soared by Rs6,773, taking new rate to Rs449,212.
The yellow commodity recorded significant gains in international bullion market where per ounce rate moved up by $79 to $5,012.
Meanwhile, the Pakistan Stock Exchange (PSX) saw a significant decline on Thursday as investor sentiment weakened, driven by growing uncertainty surrounding the upcoming IMF review of Pakistan’s $7 billion Extended Fund Facility (EFF).
The KSE-100 index shed 6,682.80 points to drop to 172,170.29 points compared to previous close of 178,853.09 points.
The volatility comes a day after the stock marked recorded gains of more than 5,000 points.
On Wednesday, the benchmark index moved up by 5,702.68 points, a positive change of 3.29 percent, to close at 178,853.10 points.
During the session, the ready market recorded a trading volume of 697.682 million shares with a traded value of Rs 49.992 billion, against 716.035 million shares valuing Rs 40.471 billion in the previous session.
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