Against the global trend, the gold tola rate hits a record high of 134,400 rupees
KARACHI: Domestic gold prices hit a record high of 134,400 rupees per tola and 115,226 rupees per 10 grams on Tuesday, up 1,400 rupees and 1,200 rupees from Monday’s rate despite lower rates of bullion on the world markets over the past month.
According to daily rates released by Karachi Saraf and Jewelers Group (KSJG), the international gold price rose just three dollars an ounce on Tuesday to $1,863, while one dollar traded at 188. .66 rupees in the interbank market.
On April 7, the price of gold hit a record high of Rs 134,300 per tola and Rs 115,141 per 10 grams based on the world gold rate of $1,927 per ounce, while a dollar was equivalent to Rs 183.38 on the interbank market.
According to Mohammad Arshad, Chairman of the All Pakistan Jewelers Manufacturers Association (APJMA), despite a $64 per ounce drop in global gold prices from April 7 to date, consumers will not get any price relief because the persistent rise of the dollar against the rupee canceled out the benefit.
He said that due to rising local prices, some families are investing in gold in bars of five grams, 10 grams and one tola. Despite the wedding season boom after the holy month, jewelry sales are subdued.
The APJMA chief said a few cash-rich shoppers were coming to the markets to shop locally or make advance reservations for bridal jewelry sets.
KSJG Chairman Haji Haroon Rashid Chand said people are investing in gold and dollars due to rising prices. He claimed that Pakistani gold was now selling at a lower cost of 1,000 rupees per tola in Dubai.
Pakistan’s gold imports in July-March 2021-2022 increased to 253 kg worth $15 million from 98 kg worth $6 million.
Figures from the Pakistan Bureau of Statistics revealed a 53% increase in jewelry exports to $10 million in the first nine months of the current financial year, from $6.5 million in the same period. exercise 21.
Posted in Dawn, May 11, 2022