Staff Report
KARACHI: Gold prices in Pakistan continued their record-breaking spree as one-tola rates have hit a fresh high of Rs 172,200 after adding Rs 800 on Saturday.
Similarly, the 10-gram rate reached Rs 148,062 with an addition of Rs 686. All Sindh Saraf Jewellers Association (ASSJA) quoted a jump of $11 to $1,793 per ounce on the world markets. According to the reports, gold prices have gone up by Rs 46,000 per tola since January 1 when rates stood at Rs 126,200 at a time when price of the yellow metal in the international market was hovering around $1,830 per ounce. Also, the US dollar changed hands at Rs 178 in the interbank on January 1 against Rs 225 now, showing a 26 percent devaluation of the local currency since then. The rupee devaluation against the dollar has offset the impact of falling world gold prices since January to date.
Gold prices badly hit poor
In the meantime, the rush for gold bars gained momentum amid reports of Pakistan’s possible default. However, sales of wedding sets have still been subdued as many families — badly hit by unprecedented inflation and highest-ever utility bills — are either finding it hard to buy gold or compromise on purchasing low-weight jewelry sets.
