Gold rates surge above Rs252,000 after $11 jump in international market

Published April 21, 2024
PAKISTAN’S gold import during the first nine months of FY24 plunged to 262kg from 384kg during the same period last fiscal year.—Dawn/file
PAKISTAN’S gold import during the first nine months of FY24 plunged to 262kg from 384kg during the same period last fiscal year.—Dawn/file

KARACHI: The 10 gram and one tola gold rates climbed to an all-time high of Rs216,221 and Rs252,200 on Saturday — up by Rs1,286 and Rs1,500 on the Friday figures.

As per rates issued by All Sindh Saraf Jewellers Association (ASSJA), gold rates surged on Saturday due to an $11 per ounce rise in the international market which took the price to $2,411.

The last all-time high prices of gold rates were recorded on April 17 when the 10 grams and one tola rates stood at Rs215,964 and Rs251,900, respectively .

The previous day’s rates were Rs1,887 and RS2,200. The jump was attributed to a $30 per ounce rise in international gold rate to $2,412.

Mohammad Arshad, the Chairman of All Pakistan Jewellers Manufacturers Association (APJMA), said gold markets had been wearing a deserted look after Eidul Fitr despite the start of the marriage season as prices have gone beyond the reach of most buyers.

He said the high gold rate is forcing more and more people towards silver and artificial jewellery, whose prices are also crawling up due to soaring demand.

“Our workers in the gold jewellery manufacturing units are worried about the dearth of new orders as customers are reluctant to visit shops due to prohibitive prices,” he said.

Qasim Shikarpuri, Chairman of Karachi Bullion Exchange (KBE), said the rates issued by ASSJA were not realistic and the actual sale/purchase of the yellow metal is between Rs242,000 and Rs243,000 per tola instead of Rs252,200.

He said a similar situation existed in the country’s north where customers are being charged rates which are lower than ASSJA rates.

“We are making efforts to work out realistic rates from the KBE platform. These prices can be applied all over the country,” he said.

On Jan 1, the 10 gram and one tola rates were Rs188,357 and Rs219,700, respectively, based on the world market rate of $2,082 per ounce.

This means the 10 gram and one tola rates have risen by Rs27,864 and Rs32,500, respectively, since the start of the new year.

No change in the rupee-dollar parity has been seen during this period.

According to data compiled by the Pakistan Bureau of Statistics, the country’s gold import during 9MFY24 plunged to 262kg ($17 million) from 384kg ($23.4m) in the same period of the last fiscal.

Published in Dawn, April 21st, 2024

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