KARACHI: Despite a fall of $19 per ounce in international market, local gold consumers witnessed a sharp jump of Rs11,600 and Rs9,957 in one tola and 10 grams prices during 2018.

The prices of one tola and 10 grams were Rs56,200 and Rs48,171 on December 30, 2017, based on world price of $1,303 per ounce. A year later, these are being quoted at Rs67,000 and Rs58,128 while the world price is $1,284 per ounce.

Talking to Dawn, All Sindh Sarafa Jewellers Association (ASSJA) President Haji Haroon Rasheed Chand attributed fluctuating trend in local gold rates to price movement in world market and rupee-dollar parity.

Rupee had lost its strength by 24-25 per cent from December 2017 to December 2018, thus pushing up cost of all imported commodities.

Interestingly, on many occasions in the past, ASSJA lowered local gold price amid increase in world prices.

Mr Chand said this year gold jewellery sales have remained subdued amid the ongoing shadi season owing to decreasing buying power of consumers on account of soaring food and utility bills.

Regarding yellow metal as an investment, he said people and investors with surplus cash are putting up their money in both gold and the US dollar.

Published in Dawn, January 1st, 2019

Follow Dawn Business on X, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Regional bonhomie
Updated 23 May, 2025

Regional bonhomie

Trilateral cooperation and commercial activity can lead to prosperity for all involved, specifically Afghanistan.
Local government bill
23 May, 2025

Local government bill

THE PML-N leadership is known for concentrating powers in the hands of the top political office and governing ...
New normal?
Updated 23 May, 2025

New normal?

WHY can’t the PTI and its jailed leader decide what they want? Even while leverage is slipping from its hands, the...
Khuzdar atrocity
Updated 22 May, 2025

Khuzdar atrocity

A process of reconciliation is sorely needed in the province, solely militarised response will be insufficient.
Budget and climate
22 May, 2025

Budget and climate

Govt's plan to present a climate-focused budget for the next fiscal year is a welcome paradigm shift in national economic planning.
Justice for Noor
Updated 22 May, 2025

Justice for Noor

Noor's death was the result of not just one person’s malevolence, but a preventable tragedy caused by several individuals failing to do the right thing.