The world gold price increased by $9 per ounce from Friday to $2,721 per ounce. According to the All Sindh Saraf and Jewellers Association (ASSJA), domestic and international prices have never been higher.
Due to massive local price increases in bullion rates during the wedding season, many customers must be forced to focus on jewelry sets with low weights.
The 10-gram and one-tola gold rates expanded by a beating Rs53,241 and Rs62,100 from Rs188,357 and Rs219,700, separately, influenced Jan 1.
On January 1, the international gold rate was $2,082 per ounce, up $639 from the current $2,721 per ounce.
Gold prices will continue to set new records as long as tensions in the Middle East continue to rise, according to ASSJA President Haji Haroon Rasheed Chand.
He stated that gold is being lifted as a safe haven by global and Pakistani investors with excess cash. The yellow metal has replaced dollars as a means of investment for investors, he added.
According to Mr. Chand, there are reports that wealthy people are taking money out of their bank accounts to invest in gold because the low return in the face of falling interest rates is no longer an appealing incentive for them to multiply their wealth.
According to him, steep price increases have slowed sales of jewelry sets during the wedding season because many people are struggling to make ends meet amid rising living costs brought on by high gas and electricity costs.
