One tola of gold scales new peak of Rs202,500 – Business

KARACHI: As the rupee depreciated by 13.7 per cent against the US dollar in the last two days, the one-tola gold rate for the first time crossed the Rs200,000 mark despite a $6 drop on world markets to $1,936 per ounce on Friday.

According to the All Sindh Saraf Jewellers Association (ASSJA), the one-tola rate surged by Rs7,000 to Rs202,500 while the 10-gram saw a rise of Rs6,000 to Rs173,610.

All Pakistan Jewellers Manufacturers Asso­ciation chairman Mohammad Arshad told Dawn that there was no panic buying, which had been rampant in the last few months, and neither investors were selling their bars to gain any profit.

The meteoric rise in precious metal rates has made jewellery sets out of reach of many people, he said, adding that a 0.4 gram of gold nose pin carries a price of Rs7,000-8,000 which is certainly unaffordable for many cash-starved consumers.

When asked at what dollar rate the local gold prices are being fixed, he said if one dollar rate is taken at Rs275 then the price of one-tola comes to slightly less than Rs200,000.