ISLAMABAD: Gold prices in Pakistan saw a downward trend on Wednesday, following a sharp rise a day earlier.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold dropped by Rs600 per tola, bringing it down to Rs356,200.
Similarly, the price of 10 grams of 24-karat gold fell by Rs514 to Rs305,384, while 22-karat gold was recorded at Rs279,945 per 10 grams.
This decline comes after a significant hike in gold prices on Tuesday, when 24-karat gold rose by Rs6,600 per tola to Rs356,800, and 10 grams increased by Rs5,658 to Rs305,898.
In the international market, the price of gold slipped by $6, reaching $3,342 per ounce from the previous $3,348.
Additionally, silver prices also declined, with per tola silver decreasing by Rs18 to Rs3,816 and 10 grams falling by Rs16 to Rs3,271.
KSE-100 makes history
Meanwhile, the Pakistan Stock Exchange witnessed a new high amid improved economic indicators, with the benchmark KSE-100 Index closing at 130,344.03 after gaining 2,144.61 points, or 1.67 per cent.
During the session, the KSE-100 Index at one point touched a high of 130,545.94, as investors, especially locals, went on a buying spree.
It is improved the economic indicators that are sustaining the bullish trend, which has made the Pakistan Exchange one of the best performers in the world, showcased by the current record-breaking streak.
Hence, a current account surplus, rising hopes for fiscal reforms, a more or less stable rupee, a declining inflation and the resultant confident for further interest rate cuts [at least 1 per cent] are proving to be the driving force.
Fuelled by aggressive institutional buying and a wave of fresh fiscal-year optimism, the rally showed no signs of cooling. With fixed-income yields offering little excitement, investors are rotating into equities in search of alpha, giving the market a powerful tailwind, Topline Securities stated.