Gold
Gold stands at Rs453,936 a tola, with 10 grams at Rs389,176 (Pakistan Observer; Daily Pakistan). The rates are issued by the All Pakistan Sarafa Gems and Jewellers Association.
That is Rs1,800 below the Rs455,736 this newspaper reported on Wednesday morning, and Rs1,544 below on the 10-gram rate. The two figures reconcile against each other: 389,176 multiplied by 1.1664 gives 453,935, against a quoted tola of 453,936.
A note on the timing, because it affects how the fall should be read. The Rs455,736 rate we published on Wednesday was current when we published it. The move to Rs453,936 was carried by the bullion market on Wednesday afternoon — Daily Pakistan timestamped it at 3.18pm that day — and is the rate standing on Thursday. It is a Wednesday move, not a fresh Thursday one.
Pakistan Observer puts the international price at $4,314 an ounce, down $18. Silver is quoted at Rs7,008 a tola.
KSE-100
The KSE-100 closed on Wednesday 23 September at 172,232.51, up 830.43 points or 0.48 per cent, from a previous close of 171,402.08 (Business Recorder). The intraday high was 172,762.41.
The arithmetic checks: 171,402.08 plus 830.43 is 172,232.51.
Business Recorder attributes the move to easing international oil prices and improving US-Iran dynamics, talk of a long-awaited refinery policy being signed, and the arrival of the IMF mission. FFC, UBL, MEBL, ATRL and ENGROH together contributed about 493 points.
Thursday’s close is not in this report. The market had not closed when this was written. This newspaper does not print an intraday level as a close.
Where this leaves the week
The index has now risen on consecutive sessions — 248.92 points on Tuesday, 830.43 on Wednesday — for a two-day gain of 1,079.35 points from Monday’s close of 171,153.16.
Gold has moved the other way across the same stretch, from Rs457,536 on Tuesday to Rs453,936 now, a fall of Rs3,600 a tola.
[Image: Reuters via The Express Tribune]
