Gold rates hike further in Pakistan

ISLAMABAD: The per tola price of 24 karat gold increased by Rs 400 and was sold at Rs 217,600 on Tuesday against its sale at Rs 217,200 on the last trading day, ARY News reported.

The price of 10 grams of 24 karat gold also increased by Rs 343 to Rs 186,557 from Rs 186,214 whereas the prices of 10 gram 22 karat gold went up to Rs 171,011 from Rs 170,696, the All Sindh Sarafa Jewellers Association reported.

The price of per tola and 10-gram silver remained stagnant at Rs 2,670 and 2,289.09 respectively.

The price of gold in the international market increased by $4 to $2,047 from $.2,043, the Association reported.

Read more: PSX sheds over 2,600 points in intraday trade

Earlier, the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) plunged over 2,600 points during intra-day trading on Tuesday.

According to the market, the PSX lost 2,633 points and the 100 index dropped below the 63,000 points mark. The market was reported trading at 62,571 around 2:30 pm.

The benchmark KSE-100 index maintained its bullish run for over a month, following the successful conclusion of a staff-level deal with the International Monetary Fund (IMF).

According to market experts, the bearish trend was mainly fuelled by stocks in the exploration and production (E&P), fertilizer and banking sectors.

Profit-taking was evident throughout the session with the index fluctuating over 2,500 points.