Gold buying remains dull amid rising cost of living

As the issuance of daily gold rate by the All Pakistan Gem and Jewellers Association (APGJA) still hangs in the balance for the 18th consecutive day, traders have said gold buying by the families in the ongoing marriage season also remained dull due to consumers’ shrinking buying power and rising cases of gold ornaments snatching. All Karachi Jewellers Manufacturers Association President Mohammad Haseen Qureishi, while mentioning the rate of Rs202,500 per tola for 24K, said the buyers’ turnout at shops is hardly 25 per cent as jewellery and gold bar buying comes at last in the list of buyers after meeting utility bills and daily household expenses. He said out of 25pc trading, 10pc buyers prefer low-priced items like rings and chains, while 15pc bring their old jewellery and transform them into new and current designs even compromising on their weight. Mr Qureishi said gold jewellery sales have been facing a downward trend for the last over one year due to the rising prices of essential items and unbearable utility bills followed by surging gold rates.