KARACHI: Domestic gold price on Friday touched an all-time high of Rs86,250 per tola and Rs73,945 per 10 grams, up by Rs1,750 and Rs1,500 over Tuesday.

All Sindh Saraf Jewellers Association (ASSJA) quoted the world gold price of $1,495 per ounce, showing a jump of $32 per ounce over Tuesday.

ASSJA President Haji Haroon Rashid Chand said jewellery sales are depressed owing to curtailed buying power of many consumers. Besides, people these days are now more interested in purchasing sacrificial animals rather than gold. “With rising gold prices, there is a possibility that some are selling out their old jewellery or gold bar to buy costly animals,” he claimed.

Local gold price had soared by Rs18,450 per tola and Rs15,817 per 10 grams from Jan 1 till date while international rate in the same period rose by $212 per ounce.

The price of yellow metal on January 1 was Rs67,800 per tola and Rs58,128 per 10 grams while international rate was $1,283 per ounce.

All Pakistan Jewellers Association Chairman Mohammad Arshad said many consumers can’t afford to make jewellery sets for weddings due to the persistent increase in yellow metal prices. Under such circumstances, they either comprise on buying low weight sets or get old jewellery remade.

He said some 10-15 per cent public sells their old jewellery or gold bars for buying sacrificial animals while majority of the people associated with bullion trade follow this practice. According to Arshad, some people also sell gold to clear their annual Zakat.

Published in Dawn, August 8th, 2019