Islamabad: Amid the economic crisis in Pakistan, the rate for 10-gram gold has climbed to an all-time high of Pakistan currency (PKR) 216,221, while one tola gold (12.5 gram) has now touched PKR 252,200 on Saturday, Dawn reported.

The rates skyrocketed after the rise of PKR 1,286 for ten grams and PKR 1,500 for 12-grams quantity on Friday.

As per rates issued by the All Sindh Saraf Jewellers Association (ASSJA), gold rates surged on Saturday due to a USD 11 per ounce rise in the international market which took the price to USD 2,411.

The last all-time high prices of gold rates were recorded on April 17 when the 10 grams and tola rates stood at PKR 215,964 and PKR 251,900, respectively.

The previous day's rates were PKR 1,887 and PKR 2,200. The jump was attributed to a $30 per ounce rise in international gold rate to USD 2,412.

Mohammad Arshad, the Chairman of All Pakistan Jewellers Manufacturers Association (APJMA), said gold markets had been wearing a deserted look after Eid ul-Fitr despite the start of the marriage season as prices have gone beyond the reach of most buyers, Dawn reported.

He said the high gold rate is forcing more and more people towards silver and artificial jewellery, whose prices are also crawling up due to soaring demand.

"Our workers in the gold jewellery manufacturing units are worried about the dearth of new orders as customers are reluctant to visit shops due to prohibitive prices," he said.

Qasim Shikarpuri, Chairman of Karachi Bullion Exchange (KBE), said the rates issued by ASSJA were not realistic and the actual sale/purchase of the yellow metal is between PKR 242,000 and PKR 243,000 per tola instead of PKR 252,200.

He said a similar situation existed in the country's north where customers are being charged rates which are lower than ASSJA rates, Dawn reported.

"We are making efforts to work out realistic rates from the KBE platform. These prices can be applied all over the country," he said.

On Jan 1, the 10-gram and one-tola rates were PKR 188,357 and PKR 219,700, respectively, based on the world market rate of USD 2,082 per ounce.

This means the 10-gram and one tola rates have risen by PKR 27,864 and PKR 32,500, respectively, since the start of the new year.

No change in the rupee-dollar parity has been seen during this period, Dawn reported.

According to data compiled by the Pakistan Bureau of Statistics, the country's gold import during 9MFY24 plunged to 262kg (USD 17 million) from 384kg (USD 23.4 million) in the same period of the last fiscal.

This report is auto-generated from a syndicated feed