On Saturday, the price of one tola of gold soared to an all-time high of Rs260,200, surpassing the previous record of Rs257,700 set on August 13. This represents a rise of Rs2,500 per tola from the previous day.
The price for 10 grams of gold also hit a record high, reaching Rs223,080 after a significant increase of Rs2,144, surpassing the previous peak of Rs220,936.
The rise in local gold rates is attributed to a $46 per ounce increase in global gold prices, which reached $2,507, according to the All Pakistan Gem and Jewellers Association (APGJA).
Mohammad Haseen Qureishi, President of the All Karachi Jewellers and Manufacturers Association (AKJMA), attributed the rise in local gold prices to an increase in global bullion rates.
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This surge occurred despite the stability of the rupee against the dollar over recent months.
Mohammad Haseen Qureishi noted a sharp decline in gold sales due to high living costs, especially rising electricity bills. Local gold shops are experiencing a 65% drop in sales despite the marriage season.
Many people, particularly women, are selling their jewelry to pay their power bills. This is happening more frequently now, with 10-12 people visiting shops each month to sell their gold, compared to just a few every few months before the recent rate increases.
