Karachi Showcases glittered in the shops of a busy bazaar Jewelry Adorned with, which is actually artificial jewellery. Most of the customers coming to the market were buying this jewelry and one of them was housewife Yasmin Bibi.
Explaining the reason for buying fake jewellery, Yasmin told Independent Urdu that due to the high price of gold, it is no longer possible for the common man to buy real jewellery.
“The prices are so high that even if we want to now to sleep Can’t buy jewelry. The gold we bought during the last few years is all we have now.’
He said that now she is relying on imitation jewelery for her wedding.
Yasmin Bibi is not the only citizen of Pakistan, who is forced to avoid wearing gold jewelery due to high gold prices.
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The price of gold in Pakistan is currently breaking all records and has reached an all-time high both locally and internationally.
According to All Pakistan Gems and Jewelers Association, the price of gold per tola increased by Rs 1,500, after which the current price of this precious metal has reached the highest level of Rs 277,000 for the first time.
Muhammad Amin of Swizz Jewelers in Sarafa Bazar on Tariq Road, Karachi told Independent Urdu that ‘Now people save money by buying gold biscuits and coins. Buyers of jewelery are negligible and our business has been affected due to the high cost of gold.’
Due to the increase in gold prices, Suez Jewelers has introduced a scheme, in which gold jewelery is being provided in easy installments.
The reason for the rise in gold prices
According to experts, there are several reasons for the rise in gold prices.
Abdullah Abdul Razzaq, Vice President of Society Jewelers Association, told Independent Urdu that the war situation in the world has also affected the prices of gold because the price is linked to the international market and the dollar rate.
The main reason for the increase in the price of gold is the war in the Middle East.
Abdullah Abdul Razzaq said: ‘Two weeks ago, the US and Russia reduced the markup rate, due to which the gold prices increased, while the prices started to rise since July, which was warned by the US. was already done.
However, demand for gold in China and India has increased. Whenever the purchase of gold is high in these two countries, the price of gold also increases.
In India, the festival of Diwali is to be celebrated next month, on which women make gold ornaments and the demand for this metal increases.
Will the increase continue?
Harun Chand, the president of Sarafa Bazar, believes that the price of gold will continue to rise and the rate of gold per tola may reach three lakh rupees next year.
He said that the reason for this is the safety of investment in gold, due to which many people invest in it.
Effect of gold price on economy
Director Pakistan Stock Exchange Ahmed Chinoy believes that prices of other metals are going down while people are hoarding gold.
Speaking to Independent Urdu, he said: ‘This suggests that Pakistan’s economy will grow in the coming days. The main reason for this is that exports are high and imports are decreasing.
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2024-09-27 21:03:18