- 24-karat gold fell Rs700 to Rs410,936 per tola on Saturday, its third straight daily decline.
- Gold is down Rs16,500 per tola from Wednesday's rate of Rs427,436.
- The KSE-100 closed 500.11 points higher at 177,873.88 on Friday.
- Mari Petroleum's copper-gold discovery in Chagai lifted sentiment late in the session.
Gold prices in Pakistan fell for a third consecutive day on Saturday, taking the total drop to Rs16,500 per tola since Wednesday. On the equity side, the Pakistan Stock Exchange (PSX) clawed back early losses on Friday to finish in positive territory.
Gold slide extends to a third day
According to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), 24-karat gold dropped by Rs700 to Rs410,936 per tola on Saturday. The price of 10 grams fell by Rs600 to Rs352,311.
Saturday's fall was smaller than in the previous two sessions. Gold had lost Rs10,900 per tola on Thursday and Rs4,900 on Friday. Wednesday's rate stood at Rs427,436.
Global prices and what buyers pay
The local decline followed the international market, where gold slipped by $7 to $3,884 per ounce. Silver also weakened in Pakistan, losing Rs124 to Rs5,343 per tola.
At Saturday's rate, half a tola of 24-karat gold costs about Rs205,468, while two tolas cost around Rs821,872. That is roughly Rs33,000 less than on Wednesday.
The APGJSA rates are for pure 24-karat gold. Jewellery buyers must also pay making charges on top.
| Company | Shares traded | Change (Rs) | Close (Rs) |
|---|---|---|---|
| WorldCall Telecom | 303 million | +0.13 | 1.38 |
| Kohinoor Spinning | 59.5 million | +0.34 | 5.90 |
| LSE Fin. Services | 46.8 million | +0.28 | 2.64 |
KSE-100 recovers on Mari Petroleum news
The benchmark KSE-100 index gained 500.11 points, or 0.28%, to settle at 177,873.88 on Friday. Trading was volatile, with the index swinging between an intraday high of 1,910 points and a low of 508 points.
Early sentiment was weak amid concern over rising international oil prices. Brent crude jumped to around $96 per barrel after remarks by US President Donald Trump that the US does not need a deal with Iran.
Sentiment improved in the later part of the session after Mari Petroleum announced, through its wholly owned subsidiary Mari Minerals, a new porphyry copper-gold discovery at the East Siah Diq (ESD-1) target in Chagai, Balochistan. Mari shares traded close to their upper circuit.
MARI, LUCK, PPL, PSEL and FATIMA were the biggest positive contributors, together adding about 722 points to the index.
Market breadth and activity
Overall volume was 1.04 billion shares, against 1.07 billion in the previous session, and traded value was Rs31.0 billion. Of the 497 companies traded, 284 closed higher, 184 fell and 29 were unchanged.
WorldCall Telecom led by volume with 303 million shares, gaining Rs0.13 to close at Rs1.38. Foreign investors bought shares worth Rs179 million, the National Clearing Company reported.
Market direction will largely depend on weekend developments, particularly on the geopolitical front and any progress in US-Iran negotiations.
Questions and answers
What is the price of 24-karat gold in Pakistan?
On Saturday, 24-karat gold was Rs410,936 per tola and Rs352,311 per 10 grams, according to APGJSA rates.
How much has gold fallen in three days?
Gold has lost Rs16,500 per tola since Wednesday, when it stood at Rs427,436.
Why did the KSE-100 recover on Friday?
Buying in oil and gas stocks, led by Mari Petroleum after its copper-gold discovery in Chagai, helped the index offset early losses and close 0.28% higher.
