Gold price in Pakistan experiences massive single-day gain of Rs5,700 per tola

In a significant development, gold staged a recovery from its recent five-session decline in Pakistan on Thursday, driven by a surge in the global market.

The domestic market witnessed a notable upswing in gold prices today, surging to Rs218,300 per tola after a massive single-day gain of Rs5,700 per tola.

According to data provided by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the 10-gramme gold price in Pakistan experienced a surge, reaching Rs187,157 after a significant uptick of Rs4,887.

This marks a considerable shift from Wednesday’s scenario, when gold prices in Pakistan witnessed a decline of Rs1,000 per tola.

Internationally, the gold market reflected this positive momentum, setting the rate at $2,052 per ounce with a $20 premium on Thursday. This uptick translated into a $54 increase in the international market, as reported by APGJSA.

Simultaneously, silver rates observed an upward trend, climbing by Rs70 and settling at Rs2,650 per tola.

While these developments unfolded in the precious metal markets, the Pakistan Stock Exchange experienced a tumultuous Wednesday, initially plummeting by over 1,900 points.

Despite the initial setback, the market rebounded, ultimately concluding the business day with a loss of over 1,100 points.

The benchmark KSE-100 index kicked off Thursday’s session on a pessimistic note, extending its downward trajectory to revisit the previous day’s lows of approximately 64,400.

However, buyers intervened, successfully defending this level once again.

The index maintained a rangebound pattern for the remainder of the session, closing at 65,450.19, marking an increase of 170 points or 0.26 per cent day-over-day.