Gold hits record high, crosses Rs277,000 per tola

KARACHI: Domestic gold rates for 10 grams and one tola reached an all-time high of Rs237,654 and Rs277,200, respectively, on Wednesday, increasing by Rs1,886 and Rs2,200, compared to Tuesday’s rates.
According to the All Sindh Saraf and Jewellers Association, the local rates surged due to a $22 per ounce rise in world gold prices to $2,675.
The previous all-time high was recorded on Sept 26, when the prices for 10 grams and one tola were Rs237,482 and Rs277,000, respectively, following a $12 per ounce increase in world gold prices to $2,665.
Mohammad Arshad, Chairman of the All Pakistan Jewellers Manu­facturers Asso­cia­tion, said that as long as the Israel-Gaza conflict persists, gold prices on the international market would remain under pressure, leading to fluctuations in the local market.
He added that high prices have deterred buyers, with even those who can afford it opting for lower-weight jewellery sets.
This decline in demand has negatively impacted production activities in jewellery-making units.
Mr Arshad emphasised the need for the government to implement friendly policies to encourage jewellery exports, which have significant growth potential.
According to data released by the Pakistan Bureau of Statistics (PBS), jewellery exports jumped to $3.2 million in July-August of the ongoing fiscal year, up from $1.2m during the same period last fiscal year.
Published in Dawn, October 17th, 2024