The record-breaking rally in gold prices has left many buyers sidelined in Pakistan, with jewellery markets reporting lower footfall even as rates held steady on Wednesday.
According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-karat gold stood at Rs388,100 per tola and Rs332,733 per 10 grams, unchanged at all-time highs. Silver too held firm at Rs4,358 per tola and Rs3,736 per 10 grams.
While traders welcomed the stability after days of sharp gains, shopkeepers in major markets such as Karachi and Lahore reported a noticeable dip in sales. Families preparing for weddings and festive occasions say record-high prices are forcing them to delay purchases or switch to lighter jewellery sets.
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“I had planned to buy a full set for my daughter’s wedding, but with prices touching Rs388,000 per tola, it’s just not possible. We are cutting down to smaller pieces,” said a buyer in Lahore’s Liberty Market.
Internationally, gold steadied at $3,654 per ounce after climbing for six straight sessions. Analysts link the rally to speculation of a US interest rate cut in September, which has weakened the dollar and boosted demand for bullion as a safe haven.
Local jewellers argue that while investors benefit from the surge, ordinary consumers are bearing the brunt. “The market is quiet. People come to window-shop, but very few are buying,” said a Karachi jeweller.