KARACHI: The $60 per ounce jump in the international gold price to $2,470 pushed the domestic rates for the yellow metal to an all-time high of Rs254,000 per tola and Rs217,764 per 10 grams.
The previous peak was recorded in the third week of April at Rs252,000 per tola and Rs216,221 per 10 grams, respectively.
The All Sindh Saraf Jewellers Association (ASSJA) said the 24-karat gold price surged by Rs4,600 per tola and Rs3,944 per 10 grams on Thursday, claiming that the yellow metal is cheaper in Dubai by Rs4,000 per tola.
Pakistan Gem and Jewellers Traders and Exporters Association (PGJTEA) chairman Habib-ur-Rahman said people are making investments in gold bars according to their income status, but most of the investments are being made in 10-tola bars (biscuits), anticipating price hikes.
He said global gold prices came under pressure due to dismal economic data about the US economy, such as jobs, interest rates, and inflation, which may raise international bullion rates to $2,500 per ounce.
All Pakistan Jewellers Manufacturers Association (APJMA) Chairman Mohammad Arshad said the gold market lacked buying activities due to higher prices. “Hardly 20 per cent customers are in the market who have to make some gold jewellery arrangements in the wedding season,” he added.
Published in Dawn, July 19th, 2024
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