ISLAMABAD – Gold broke its six-day gaining streak in Pakistan as prices dropped significantly in Pakistan on Monday.
Fresh statistics showed that per tola price fell by Rs5,500 to reach Rs470,162 while the price of 10-gram gold plunged by Rs4,715, taking new rate to Rs403,088.
The drop in gold prices came after the precious commodity recorded massive gains in previous six sessions.
Silver prices also hit a reverse gear after shattering all previous records in domestic and international markets.
In Pakistan, the price of per tola silver declined by Rs330, bringing new rate to Rs8,075.
Global Gold Prices Trend
Precious metals experienced a pullback on Monday, with silver retreating after briefly surpassing $80 per ounce earlier in the day, and gold easing from its near-record highs. This shift came as investors took profits and the fading geopolitical concerns reduced demand for safe-haven assets.
As of 0707 GMT, spot gold was down by 1.7%, trading at $4,455.34 per ounce, following its record high of $4,549.71 reached on Friday. U.S. gold futures for February delivery also dropped by 1.2%, reaching $4,500.30 per ounce.
PSX Hits All-Time High
Meanwhile, the Pakistan Stock Exchange (PSX) has reached an unprecedented achievement on Monday, surpassing both the 173,000 and 174,000 points milestones for the first time in its history.
This significant feat comes amid strong investor confidence, highlighting a bullish trend in the market.
At the time of reporting, the PSX index stands at 174,174.81 points, marking an increase of 1,774.08 points, or a 1.03% gain.
The market saw a high of 174,205.47 points and a low of 173,200.41 points during the session, with a trading volume of 24,859,974 shares and a total value of Rs 2.61 billion.
