KARACHI: The 10-gram and one-tola gold rates on Wednesday hit an all-time high of Rs264,060 and Rs308,000, showing a jump of Rs3,258 and Rs3,800, respectively.

According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), world gold price came under further pressure, rising to a record $2,944 per ounce, up by $34 from Tuesday, after US President Donald Trump threatened to impose a 25pc tariff on autos along with similar duties on pharmaceuticals and semiconductors.

Global investors have significantly increased their gold purchases due to the trade war between the US and several countries and rising tensions in the Middle East.

On Jan 1, 2024, the prices for 10-gram and one-tola were Rs188,357 and Rs219,700, respectively, while the international rate was $2,082 per ounce. The rates have surged by Rs75,703, Rs88,300 and $862 since Jan 1, 2024.

Amid no yardstick to check jewellery sales, All Pakistan Jewellers Manufacturers Association (APJMA) Chairman Mohammad Arshad claimed that the footfall of gold jewellery buyers in the markets continues to slow down in line with a further rise in domestic bullion rates.

“Our sales now range between 10-15pc only, which is alarming for the survival of jewellers,” he said.

As buyers are already away from the markets, he said jewellers also face a dearth of fresh orders for jewellery set-making from consumers for the post-Eidul Fitr marriage season. He said workers in small to medium-sized gold jewellery-making units are almost idle due to a lack of orders.

Published in Dawn, February 20th, 2025