Islamabad, Dec 9: The price of gold in the international bullion market fell by $7, bringing it to $2,640 per ounce. Consequently, in local markets on Thursday, the price of 24-carat gold per tola decreased by Rs 700, reaching Rs 275,200. Additionally, the price of 10 grams of gold rose by Rs 600, reaching Rs 235,940.
In contrast, the price of silver per tola remained stable at Rs 3,400, and the price of 10 grams of silver stayed unchanged at Rs 2,914.95.
Gold prices in Pakistan rebounded on Wednesday due to a rise in international markets following two sessions of decline. The local price of gold climbed by Rs 1,600 per tola to Rs 275,900, according to the All-Pakistan Sarafa Gems and Jewellers Association.
This recovery mirrors global trends, where gold prices rose 0.8% to $2,653.20 per ounce by 1245 GMT, supported by a weaker dollar and increased speculation of a December rate cut by the US Federal Reserve. US gold futures also rose 1.2% to $2,653.10.
Gold Price
Adnan Agar, Director of Interactive Commodities, explained the trend: “In the last two days, gold rose by almost $100, so a pullback was expected as gold remains in an overall bullish trend. Investors often see dips as buying opportunities.”
Gold prices had recently dropped sharply, marking their steepest decline in over five months following the Israel-Lebanon ceasefire.
However, the dollar index fell 0.6% on Wednesday, making gold more attractive for investors outside the US. Market expectations for a December rate cut rose to 66%, up from 55.7%, driven by Federal Reserve minutes highlighting economic uncertainties.
In Pakistan, gold prices have dropped by Rs 12,400 per tola since reaching an all-time high of Rs 287,900 on October 30, 2024. Globally, geopolitical events such as the Israel-Palestine conflict and broader trends like de-dollarisation continue to influence long-term gold rates.
Physical gold demand has risen due to price stabilization, and other precious metals have also seen gains. Silver increased by 0.1% to $30.45 per ounce, platinum rose by 0.5% to $932.30, and palladium climbed by 0.7% to $984.21.
Meanwhile, the Pakistan Stock Exchange (PSX) made history on Thursday as the benchmark KSE-100 index surged past the significant 100,000-point mark, reflecting investor optimism and a positive start to the trading session.
At 09:42 AM, the benchmark KSE-100 index climbed by 947.32 points, or 0.95%, reaching 100,216.57 points, up from its previous close of 99,269.25 points.
This milestone marks a remarkable recovery for the market, which had experienced a sharp drop of over 3,500 points on Tuesday, following violent protests in Islamabad that had unsettled investor confidence.
