Pakistan’s benchmark equity index, the KSE-100, had gained 1092.95 points as of 11:31am on Thursday, signalling a modest recovery during early intraday trading.

The advance places the index 0.66 per cent above its previous close of 164,626.29 points.

So far in the session, the index has touched an intraday low of 162,953.63 and a high of 165,827.14. The 2,873.51 point range reflects the elevated volatility that has persisted from earlier in the week into today’s trading.

Investor sentiment remains fragile. A similar pattern unfolded on Wednesday, when the index staged an early rebound, but ultimately closed in the red, shedding 1,632.25 points.

Among the most actively traded stocks, Unity Foods Limited led volumes, declining 9.72pc to Rs11.89 on turnover of 45,654,369 shares. It was followed by TPL Properties Limited, which fell 11.35pc to Rs7.81 on volume of 17,430,585 shares, and K-Electric Limited, down 1.56pc to Rs7.59 on 13,186,463 shares.

On the gaining side, Gulistan Spinning Mills Limited rose 16.70pc to Rs6.01, while Chenab Limited advanced 10.02pc to Rs11.53 and B.F. Modarab increased 10.01pc to Rs20.45.

Conversely, LSE Capital Limited was among the steepest decliners, falling 21.33pc to Rs0.59. TPL Properties Limited also remained under pressure, down 11.35pc to Rs7.81, while Javedan Corporation (Pref) shed 10pc to Rs86.73.

The sharp intraday swings underscore the intensity of ongoing volatility, as investors remain cautious amid prevailing market triggers.

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Gold prices edged higher on Thursday, boosted by a softer dollar and safe-haven demand amid uncertainty over US tariff policy and US-Iran talks.

Spot gold was up 0.4 per cent at $5,192.28 per ounce, as of 05:00 GMT. Bullion hit a more than three-week high on Tuesday.

US gold futures for April delivery were down 0.3pc at $5,208.80.

“Price action reflects a re-pricing of fresh policy (tariff) uncertainty, geopolitical concerns, and a subdued dollar,” said Christopher Wong, a strategist at OCBC.

“Two-way consolidation is still likely in the interim as markets digest geopolitical (news), dollar moves, tariff surprises, and Fed policy uncertainty.”

The dollar began the day on the back foot, as better-than-expected earnings from Nvidia boosted investor confidence, while markets awaited details of the latest US tariffs on imports.

A softer greenback makes dollar-denominated gold cheaper for holders of other currencies.

The US tariff rate for some countries will rise to 15pc or higher from the newly imposed 10pc, US Trade Representative Jamieson Greer said on Wednesday, without naming any specific trading partners or giving further details.

Markets currently expect three 25-basis-point rate cuts from the Federal Reserve this year, according to CME’s FedWatch Tool.

Investors awaited the weekly jobless claims data, due later in the day, for more clues on the Fed’s monetary policy path.

Iran and the US are scheduled to hold the latest round of talks in Geneva on Thursday aimed at resolving their longstanding nuclear dispute and averting new US strikes on Iran following a large-scale military buildup.

Deutsche Bank, meanwhile, noted a resumption of outperformance by white metals versus gold. “This is supportive for our silver forecast of $100/oz at year-end, based on a gold-silver ratio of 60,” the bank said in a note dated Wednesday.

Spot silver edged 0.1pc lower to $89.29 per ounce, after climbing to a three-week high on Wednesday.

Spot platinum added 0.3pc at $2,292.83 per ounce, while palladium lost 0.2pc to $1,791.79. Both metals hit three-week highs in the previous session.

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