Gold Prices Fall for Second Day as PSX Hits Fresh Record

KARACHI: Gold prices in Pakistan declined for the second consecutive session on Wednesday, tracking weakness in international markets, while the stock market surged to new highs.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the per tola price of gold fell by Rs1,400 to Rs355,200, while 10 grammes slipped by Rs1,201 to Rs304,526. A day earlier, rates had dropped by Rs1,100 per tola after a brief uptick on Monday.

In global trade, the Gold prices decreased by $14 to settle at $3,325 per ounce, inclusive of a $20 premium. Silver also fell, with local rates easing by Rs96 to Rs3,935 per tola.

The fluctuations have unsettled buyers, especially those planning weddings and large purchases, while traders link the volatility to wider uncertainty in commodity markets.

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Meanwhile, the Pakistan Stock Exchange (PSX) maintained its bullish run, with the benchmark KSE-100 Index gaining 820 points, or 0.55pc, to close at 150,591. The index even touched an intra-day high of 151,261 — a record in market history.

Analysts attributed the rally to strong corporate earnings, a stable rupee, and sustained support from local and foreign institutions. Adding to the upbeat sentiment, Moody’s upgraded the long-term deposit ratings of five major banks — HBL, UBL, MCB, NBP and ABL — from Caa2 to Caa1.

While equities extended record gains, bullion investors remain wary as gold continues to lose shine.