KARACHI – Gold price on Tuesday reached an all-time high of Rs100,500 in Pakistan. According to the All Sindh Saraf and Jewellers Association, this is the first time that gold has shot above Rs100,000 in the country’s history.
The precious metal saw an increase of Rs700 per tola in its price. The prices compiled by the ASSJA come with a lag of a day after changes in international prices. The bullion market is closed because of a nationwide lockdown, but the prices were calculated based on an increase in the international gold prices.
The surge in local prices came despite a nationwide lockdown, which resulted in the suspension of trade. No weddings are taking place and no one is buying gold, says Haroon Chand of ASSJA. Prices in Pakistan are Rs7,000 less than the Dubai rates. This means if you buy a tola of gold in Dubai, you will pay Rs107,400. The discount may reduce and prices increase when the markets open, Chand says.
The ASSJA says they will keep their shops closed until the lockdown is over.
