Gold hits Rs275,500 per tola amid economic uncertainty

Amid uncertain political and economic environment, domestic gold prices continued a record-setting spree on Wednesday, tossing the 10-gram and one-tola rates to an all-time high of Rs236,197 and Rs275,500, respectively, up by Rs2,144 and Rs2,500, from Tuesday’s rates. The All Pakistan Gem and Jewellery Association (APGJA) attributed the surge in local prices to a $25 per ounce jump in the world markets to $2,653. All Karachi Jewellers and Manufacturers Association Chairman Mohammad Haseen Qureishi said the rising prices drive away the buyers and “we are running our shops with only 30-35 per cent footfall of consumers”. He said that the buyers of 10-tola jewellery sets have now settled toward two to three tola, and others rely on half a tola jewellery items due to their shrinking buying power.