Gold prices remain steady as PSX hits record high

11 hours ago

Gold prices remain steady as PSX hits record high

Silver prices also remained stable.
Gold prices remain steady as PSX hits record high

Webdesk

|

4 Dec 2024

Gold prices in the local market held steady on Wednesday, with the rate for 24-karat gold remaining unchanged at Rs275,200 per tola and Rs235,940 per 10 grams.

Similarly, international bullion market prices were stable, with gold trading at $2,640 per ounce, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA).

Silver prices in Pakistan also remained unchanged, standing at Rs3,400 per tola and Rs2,914.95 per 10 grams.

This stability in gold prices follows recent declines earlier this week.

On Monday, the gold rate in the local market dropped by Rs1,700 to Rs274,500 per tola, aligning with international market trends where gold prices decreased by $17 to $2,633 per ounce.

Stock Market Hits Record High

Meanwhile, the Pakistan Stock Exchange (PSX) reached a historic milestone during intraday trading on Wednesday.

The KSE-100 index surged by 735.32 points, closing at an all-time high of 105,294.39 points, up from the previous close of 104,559.07 points.

The bullish momentum in the stock market has been attributed to investor optimism fueled by expectations of a potential policy rate cut by the State Bank of Pakistan (SBP).

Analysts believe easing inflationary pressures in the economy have increased the likelihood of a monetary policy adjustment, further boosting market sentiment.

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