Rawalpindi: December 6, 2022: The gold rates in Pakistan are maintaining its peak level since December 1, 2022. As per the Saraf Jewelers Association of Pakistan, gold rates remained on the higher side on December 6 (today). The price of 24-karat gold pegged at Rs 163, 700 per tola in major cities of Pakistan including Rawalpindi/ Islamabad, Karachi, Quetta, Peshawar, Lahore, and Karachi during the last 24 hours.
The price of 10-gram gold 24 karat was recorded at Rs 140350 and the per-gram price of 24 karats was noted at Rs 14035. The price of 22-karat gold was recorded at Rs 150057 in the local gold market. The rates of 21-karat gold were recorded at Rs 143235 and 18-karat gold at Rs 122775.
The gold rates are on the rise in Pakistan for the last fortnight. The market data of the last 15 days suggests, the gold rates jumped up by Rs 5000 per tola since November 22, 2022. On November 22 last, the gold (24 karats) rates in Pakistan were Rs 158700. These rates have gone up to Rs 163, 700 (Difference of Rs 5000) in the last 15 days.
In the international market, gold is ranging between $ 1770 -1775, and it’s pushing up the rates of gold in the domestic market in Pakistan.
Gold took an upward trend in its rates in the last 24 hours in the international market and it gained $ 2 in its value to take its value to $ 117.10. Meanwhile, silver rates are also showing a healthy trend in the international market. It gained $ 0.15 in the global market to take its new rates to $ 22.39 in the international market.
Although the gold rates are surging due to a spike in its prices in the international market, this trend is not supporting growth in gold trading in Pakistan’s market.
“For months there is no rush for buying of gold and we are just sitting and waiting for the buyers to come and buy gold,” said Mohammad Rafique a Rawalpindi-based jeweler when NEWSMAN approached to get a market pulse on Tuesday.
“Traditionally, gold was bought by the families for marriages during Nov-Dec and this period was a season to have good trade but now there is very less buying of gold even during this season, worried Mr. Rafique said.
Buying of gold like all other precious metals has suffered a major setback with rising in its prices globally and this has forced lower middle-class and middle-class families to look for other options for the marriages of their love ones.
Mr. Rafique also concedes that towering prices of gold have shifted a large percentage of the people of Pakistan to go for other cheaper options instead of buying costly gold for the marriages of their loved ones.
Other sarafs also share the worries of Mr. Rafique and they also have similar views on the gold trade in Pakistan.
Sadiq Jamil, the owner of Waris Jewelers in Islamabad, was also seen worried about a dip in his business. He said, “ There is a biting dip in gold business in Pakistan since the outbreak of Corona some two years back and then the political uncertainty added to bad days as for as gold business in Islamabad was concerned”.