Gold prices witness a rise in local, global markets

KARACHI (92 News) - Gold prices on Thursday witnessed a rise in both local and global markets.

According to the All Pakistan Gem Merchants and Jewellers Association (APGMJA), the price of 24 karat gold increased by Rs800 to Rs268,500 per tola.

Similarly, the price of 10 grams of gold increased by Rs685 to Rs230,195.

In the international market, the price of gold increased by $8 to $2,577 per ounce.

Also Read: Gold prices witness significant drop in local market

On the other hand, the Pakistan Stock Exchange (PSX) Thursday achieved another milestone as the benchmark KSE-100 index crossed the 82,000 barrier for the first time in history.

As per details, the PSX witnessed a bullish trend at the outset of the trading as the KSE-100 index rose by 1,539 points to an all-time high of 82,003.58 points before losing shares to trade at 81,642.10 points.

Economic experts attribute the record-breaking performance to a combination of favourable economic indicators, including the government's negotiations with the International Monetary Fund (IMF) for a loan programme to stabilise the economy.

Moreover, falling interest rates have encouraged equity investments, further fueling the market's upward momentum.

The positive trend came as Pakistan's economy got a welcome boost, recording a $75 million surplus in the country's current account in August due to the record increase in remittances from overseas Pakistanis.

According to data released by the State Bank of Pakistan (SBP), the current account deficit stood at $246 million in July, a significant reversal from August's surplus.

It is expected that the current development will bring stability to Pakistan's economy.