KARACHI: Despite the challenging economic conditions, local gold rates continued their record-breaking spree, hitting a new peak of Rs261,000 per tola after adding Rs300 from Tuesday.

Similarly, the 10-gram rate also settled at an all-time high of Rs223,765, showing a jump of Rs257.

Surprisingly, the All Sindh Saraf and Jewellers Association (ASSJA) has issued higher domestic rates despite no upswing in the world gold rates, which stayed at $2,512 per ounce. At the same time, rupee-dollar parity did not show any significant change.

Costly gold has gone beyond the buying reach of many families. Still, the shining metal holds a lot of significance for investors, considering the upward price trajectory from January onwards.

On Jan 1, the 10-gram and one-tola rates were Rs188,357 and Rs219,700 based on the international gold rate of $2,082 per ounce. As a result, the price hike in 10-gram comes to Rs35,408 and Rs41,300 in one-tola so far.

On investment prospects in gold compared to real estate and the dollar, Head of Research and Development, Pak Kuwait Investment Company, Samiullah Tariq, said, “I think that people in Pakistan are investing in the yellow metal as it provides a hedge against the currency movement.”

The country’s official gold imports remained suspended in April-June due to a policy change in February but resumed in July with the import of 28kg valuing $2.2m.

Published in Dawn, August 22nd, 2024