Gold prices go up in Pakistan amid global increase

Gold prices have seen an upward trend both globally and locally on Thursday.

In the international bullion market, the price of gold per ounce rose by $5, reaching $2,645. Meanwhile, in Pakistan’s local markets, the price of gold per tola surged by 500 Pakistani Rupees, settling at Rs 275,600. 

Additionally, the price of gold per 10 grams increased by Rs 428, bringing it to Rs 236,368.

In a related development, the Pakistan Stock Exchange (PSX) continued its record-breaking streak. 

The KSE-100 index surged by 1,533.30 points, or 1.46%, reaching 106,637.63 points, surpassing the 106,000-point mark. 

This rise follows a series of positive economic indicators, including a notable decrease in inflation.

The rally in the stock market was driven by Pakistan’s annual inflation rate, which fell to 4.9% in November, marking the lowest level since 2017. 

The reduction in inflation, coupled with strong market sentiment, contributed to the PSX's impressive performance.

Trading activity remained robust, with a total of 285,847,491 shares changing hands and a value of 16.21 billion Pakistani rupees. Investors showed confidence in the market, buoyed by the country’s improving economic conditions.