Gold Prices Drop, Stock Market Ends on Negative Note, Dollar Rises Further

Karachi: Gold prices saw a decline in both global and local markets, while the Pakistan Stock Exchange (PSX) ended the day on a negative note. The value of the dollar also increased due to growing demand from importers.
Gold Prices:
According to the All Pakistan Sarafa & Jewelers Association, the price of gold per ounce dropped by $16 in the global market, bringing it down to $3,398. Locally, the price of gold per tola decreased by Rs. 1,000, bringing it to Rs. 361,300. The price of 10 grams of gold also fell by Rs. 857, reducing its cost to Rs. 309,756.
Stock Market:
On the stock market front, the ongoing conflict between Iran and Israel led to a negative closure for the Pakistan Stock Exchange. The market failed to maintain the 122,000-point threshold. On the second trading day of the week, the benchmark KSE-100 Index dropped by 254 points, closing at 121,971 points.
Despite the negative trend, over 1 billion shares were traded on the day. Brokers mentioned that global efforts to mediate the Iran-Israel conflict could lead to a market recovery. Stock analysts are optimistic, suggesting that the overall budget is favorable and the market could “bounce back” soon. They also pointed out that the upcoming earnings season could provide a rally in the market.
On the trading day, 1.15 billion shares worth Rs. 28 billion were transacted.
Dollar:
The demand for the dollar surged due to the conflict between Iran and Israel, as importers sought more foreign currency. The State Bank of Pakistan (SBP) continued purchasing dollars from the open market. According to SBP data, the dollar rose by 24 paisas in the interbank market, closing at Rs. 283.41.
In the open market, the dollar saw a rise of 6 paisas, reaching Rs. 285.40. Currency dealers noted that the pressure on the rupee was increasing due to a growing trade deficit and higher import demands.