Gold prices increased in Pakistan on Friday, reaching a new record level as international bullion prices also moved higher. The rise came alongside continued pressure in the local stock market, where investors remained cautious amid regional tensions.
The price of gold increased by Rs2,000 per tola, reaching Rs440,636. The price of 10 grams of gold also rose by Rs1,715 to Rs377,774.
Gold also gained in the international market. The price increased by $20 to close at a record $4,181 per ounce. The rise in international bullion prices contributed to the increase in domestic gold rates.
Silver prices also moved higher in Pakistan. The price of silver increased by Rs50 per tola, reaching Rs6,578.
Meanwhile, the benchmark KSE-100 Index continued its decline during the first half of Friday’s trading session. Investors remained cautious amid reports of additional US troops and aircraft carriers being deployed to the Middle East.
At 11:52am, the KSE-100 Index was trading at 167,817.38 points. The index was down 819.47 points, representing a decline of 0.49%.
Selling pressure was visible across several major sectors of the Pakistan Stock Exchange. Automobile assemblers, cement companies, commercial banks, oil and gas exploration companies, oil marketing companies and power generation companies all came under pressure.
Several index-heavy stocks also contributed to the decline during the session. Shares of major companies, including ARL and HUBCO, were among those affected by the selling activity.
The contrasting movement in gold and equities reflects different investor responses to the prevailing market environment. Gold has continued to attract attention as international prices remain elevated, while concerns over regional developments have added to caution in the stock market.
Gold’s latest increase takes the domestic price to another record level. The international market has also remained a key factor in determining local bullion rates, with changes in global prices quickly reflected in Pakistan.
Market participants will continue to monitor international gold prices, currency movements and developments in the Middle East for their potential impact on both bullion and financial markets in the coming sessions.
