Gold prices have risen both globally and locally, reflecting fluctuations in international markets. In the global bullion market, the price of gold per ounce saw an increase of $7, bringing it to $2,640. This rise comes amid ongoing changes in the global economic landscape, affecting investors and traders worldwide.
In the local market, gold prices also witnessed an uptick. The price of 24-karat gold per tola increased by Rs 700, bringing it to Rs 275,200. Additionally, the price of gold per 10 grams rose by Rs 600, reaching Rs 235,940. The increase in prices is impacting local gold buyers and sellers, with many adjusting their buying and selling strategies in response to the global fluctuations.
The rise in local gold prices reflects a direct correlation with global market trends. Many buyers in Pakistan are closely following these changes, as the price of gold has been a crucial factor in investment decisions and consumer purchases.
Impact on Local Market
The surge in gold prices is creating a mixed sentiment in the local market. While some investors view gold as a safe haven during uncertain economic times, higher prices have made it less affordable for average buyers. The increase has also led to a slight decline in sales as customers wait for potential price adjustments in the coming weeks.
Jewelry manufacturers and gold traders are adjusting their operations to account for the price hike, with many observing a rise in demand for smaller quantities of gold.
Stock Market Sees Positive Momentum
In contrast to the gold market, the Pakistan Stock Exchange (PSX) witnessed a positive trading session. The PSX 100 index rose by 493.61 points, reaching 103,768.55 points in intra-day trading. The market opened on a strong note, reflecting optimism among investors.
Strong Intra-Day Performance
Throughout the session, the market showed consistent growth. The index peaked at 104,361.24 points by 12:00 pm, indicating strong investor confidence. The market’s lowest point during the session was recorded at 102,825.59 points. Despite fluctuations, the index stayed in positive territory, contributing to a sense of stability in the market.
Volume and Market Value
The trading volume for the day was recorded at 475,856,546 shares, with a total market value of Rs 17,337,144,881. This high volume suggests an active day for traders, with investors engaging in significant buying and selling activity.
The overall sentiment in the stock market remained optimistic, leading to the steady rise in the index throughout the day. As the session concluded, the market maintained its positive trend, indicating a favorable outlook for future trading days.
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