In the face of global economic concerns, gold prices in Pakistan have surged to unprecedented heights, nearly reaching Rs300,000 per tola. Because of the continuing trade tensions between the US and nations like China, Mexico, and Canada, the price of gold has soared to an all-time high of $2,868 per ounce, reflecting global trends.
All Pakistan Sarafa Gem and Jewellers Association data shows that 24-karat gold prices surged by 5,300 rupees in a single day, reaching 299,600 rupees per tola, and that 10-gramme gold prices climbed by 4,158 rupees, reaching 256,859 rupees.
Jewellery sales have dropped dramatically as a result of the high increase. This downturn is harming smaller jewellers, according to Mohammad Haseen Qureshi, head of the All Karachi Jewellers and Manufacturers Association. He mentioned that most clients are cautious to make purchases. “If this trend continues, big investors may dominate the gold trade,” he said.
Gold prices have been under pressure due to many worldwide crises, such as the conflict between Russia and Ukraine and the war between Israel and Gaza, which has made it impossible for even wealthy customers to afford traditional jewellery sets, even though Pakistan’s currency remains stable. Gold bars weighing one gramme or one tola have grown in popularity among active investors and those with access to liquid funds.
The jewellery industry has demanded that the government step in and restore stability. In order to provide buyers and sellers with more clarity, Mohammad Arshad, president of the All Pakistan Jewellers Manufacturers Association, proposed the formation of a regulatory entity to regulate daily bullion pricing.
Uncertainty surrounds the future accessibility of gold for average buyers as the market encounters growing difficulties due to both domestic and international causes fuelling the price spike.
