KARACHI: A whooping jump of $35 per ounce in the world rate to $2,612 pushed the local 10-gram and one-tola rates to an all-time high of Rs233,196 and Rs272,000 on Friday, showing a jump of Rs3,001 and Rs3,500, respectively.
On Jan 1, the 10-gram and one-tola gold rates were Rs188,357 and Rs219,700 based on the international bullion rate of $2,082 per ounce.
Consumers are now paying a hefty Rs44,939 per 10-gram and Rs52,300 per tola. At the same time, the global gold rate had swelled by $530 per ounce in the same period despite the rupee-dollar parity did not post any extraordinary fluctuations.
All Pakistan Jewellers Manufacturers Association Chairman Mohammad Arshad said that escalating tension in Gaza and a cut in the US Federal Reserve interest rate are putting extra pressure on international gold rates.
He said the domestic gold markets lack footfall of buyers who must be feeling the pinch of paying high prices during the ongoing marriage season amid the rising cost of living, while others have been shifted to artificial jewellery.
Published in Dawn, September 21st, 2024