KARACHI: The domestic gold continued its record-setting spree on Wednesday, propelling the 10-gram and one-tola rates to Rs273,491 and Rs319,000, showing a jump of Rs1,415 and Rs1,650 day-on-day.
As per rates issued by All Pakistan Sarafa Gems and Jewellers Association (APSGJA), world gold rates clocked in at $3,038 per ounce, up by $16, thus causing a price hike in domestic rates.
APSGJA President Muhammad Qasim Shikarpuri said that the world gold rate may range between $3,200-3,300 in future but may see some downward correction.
“Every next day, negative developments kept gold prices under pressure,” he said while referring to the US strike at Yemen’s Houthis, the killing of over 400 Palestinians in the Israeli strike on Tuesday in addition to the US tariff war with countries and geo-political tension.
In the local markets, small and medium-sized gold jewellery and ornaments-making units are showing a deserted look due to negligible orders for new jewellery sets at a time when marriage season will kick off soon after the holy month. He said a few buyers are coming up with their old jewellery, asking jewellers to make new sets lightweight.
Published in Dawn, March 20th, 2025
