Karachi: a global gold price surge of $60 per ounce to $2,470 has driven domestic rates to record highs. The price of 24-karat gold soared by Rs4,600 per tola and Rs3,944 per 10 grams, reaching Rs254,000 per tola and Rs217,764 per 10 grams. Previously, rates peaked in mid-April at Rs252,000 per tola and Rs216,221 per 10 grams.
According to the All Sindh Saraf Jewellers Association (ASSJA), gold is currently Rs4,000 cheaper per tola in Dubai. Habib-ur-Rahman, chairman of the Pakistan Diamond and Jewellers Dealers and Exporters Association (PDJTEA), observed a rise in gold bar investments, particularly in 10-tola bars, amid expectations of further price increases.
Mohammad Arshad, chairman of the All Pakistan Gem Merchants Producers Association (APGMPA), noted subdued buying activity due to high prices. He commented, “Only 20% of customers are active in the market, mainly preparing for the wedding season by purchasing gold jewelry.
