KARACHI, Dec 8: Gold touched a new record peak of Rs10,085 per 10 grams (24 carat gold) on Thursday from the previous record of Rs9,979 on Wednesday. International gold rate hovered between $516-518 per ounce thus creating a new 24-year high record.

On Thursday, many families either paid or made advance booking for jewellery sets at the rate of Rs11,780 per tola.

According to jewellers, consumers now have to pay over Rs 5,000 more for a bridal set of four tolas as compared to few months back.

The rising cost of domestic gold items has put an additional financial burden on the lower and middle income families who buy jewellery sets for their daughters for a safe haven purpose or as a financial security on their wedding. However, for upper class and rich people - any price hike in gold or any other commodity is a secondary matter.

Interestingly, when gold rates had created a history at the global level by reaching $870 per ounce in 1980 - the domestic gold rates were Rs4,000-4,500 per 10 grams. Now the global rate is over $516 per ounce and on the rise — the domestic rate continues to create a new record peak.

“The rupee dollar-parity was the main factor in yesteryears as one dollar in 1980 was equal to Rs15-16 as compared to Rs60 these days. It means that our currency suffered a major loss against the greenback,” Saeed Mazhar Ali, Owner of Almas Gem and Jewellers at Zaibunnisa Street, said on Thursday.

He said international gold prices have further come under pressure since country buying by Japan, Russia and others has started. These countries are now trying to convert their reserved currencies in gold. Besides, inflation worries in the USA are also a factor in boosting the gold rates. People have lost hope in currencies owing to frequent fluctuations and they are now buying gold from the markets for investment purposes.

People in entire Europe are now on a hunt for gold due to various global political and economic factors, he said. Pakistan is also not an exception where people have already started investing in gold bars.

“Our sales of jewellery as well as of gold bars are going at a normal pace these days,” he said adding that rising rate has attracted people to buy gold for investment.

Akhtar Khan of Tessori Group said the trend of investing in gold has gained momentum not only in USA and Europe but also in Pakistan. People prefer to have 10 tola gold bars for investment point of view, he added.

“Frankly speaking our sales have not been affected due to rising prices,” he said adding that people are compelled to buy jewellery sets in the current marriage season.

He claimed that the four tolas bridal jewellery set, which was priced at Rs 49,000 three months back, is now tagged at Rs56,000.

He said gold imports still continue in the country but in fewer quantities. The average gold consumption in Pakistan is estimated at 30,000 tolls per day.