KARACHI: The price of one tola and ten kilos of gold in the country rose by Rs1,886 and Rs2,200 from Tuesday’s rates to an all-time high of Rs277,200 and Rs237,654, respectively, on Wednesday.
The All Sindh Saraf and Jewellers Association claims that the increase in international gold prices to $2,675 per ounce was the reason behind the local rates’ sharp jump.
The previous all-time high was reached on September 26, after world gold prices increased by $12 per ounce to $2,665, when the rates for 10 grams and one tola were Rs237,482 and Rs277,000, respectively.
The All Pakistan Jewellers Manufacturers Association’s chairman, Muhammad Arshad, stated that as long as the Israel-Gaza conflict continues, there will be pressure on global gold prices, which will affect local market prices.
He continued by saying that even those who can afford it are choosing lighter jewelry sets due to the exorbitant costs.
The decrease in demand has had a detrimental effect on jewelry manufacturing units’ production activity.
Mr. Arshad emphasized the importance of the government enacting supportive laws to promote jewelry exports, which have enormous room for expansion.
The Pakistan Bureau of Statistics (PBS) has released data showing a surge in jewelry exports from $1.2 million to $3.2 million in July and August of the current fiscal year.
