Despite a $4 decline in the international market price to $1,794 per ounce, domestic gold prices rose to an all-time high of Rs164,200 per tola and Rs140,604 per 10 grammes on Monday. This is an increase of Rs700 and Rs601 from Saturday.
The president of the All Sindh Saraf and Jewellers Association (ASSJA), Haji Haroon Rasheed Chand, claimed that the pressure on bullion rates has been caused by exchange rate changes.
He claimed that despite the ongoing peak wedding season, jewellery sales remained low due to high gold prices.
On January 1, the price of a tola and ten grammes of gold was Rs126,200 and Rs108,196, respectively, while the price of the precious metal was $1,830 per ounce on the world market. In the interbank market, the dollar was worth Rs177, while the current exchange rate was Rs223.99.
