Gold price hits all-time high in Pakistan

KARACHI: The price of gold touched a new historic high in Pakistan on Friday, the last working day of the week. 

According to the All Pakistan Sarafa Gems and Jewelers’ Association, the per tola price of gold surged by Rs10,000, reaching a record Rs338,800. Similarly, the price of 10 grams of gold rose by Rs8,573, reaching Rs290,466.

Over the past two days, the price of gold has increased by a total of Rs17,800 per tola.

The ongoing tariff war on the global front has pushed gold prices to new historic highs in Pakistan and globally.

Meanwhile, Pakistan’s short-term inflation, measured through the Sensitive Price Indicator (SPI), declined by 0.83 per cent for the week ending April 10, according to data released by the Pakistan Bureau of Statistics (PBS) on Friday. On a year-on-year basis, inflation dropped by 2.81 per cent.

Out of the 51 essential items monitored, prices of 14 items increased, 11 decreased, and 26 remained unchanged. A significant weekly decline was observed in food prices, with garlic falling by 14.73 per cent, tomatoes by 12.82 per cent, onions by 11.40 per cent, and chicken by 8.05 per cent. Eggs, bananas, wheat flour, and potatoes also registered notable decreases.

However, some commodities became costlier. Pulse gram recorded a 1.63 per cent increase, followed by LPG (0.64 per cent), beef and curd (0.59 per cent), long cloth (0.54 per cent), and minor hikes in gur, pulses, mutton, salt powder, and cigarettes.

Year-on-year figures showed a sharp decline in prices of several essentials. Onion prices dropped by 71.17 per cent, wheat flour by 34.87 per cent, and tomatoes by 31.07 per cent. Other items showing declines included chilli powder, garlic, electricity charges for Q1, tea, eggs, petrol, and diesel.

Conversely, some goods saw a significant rise in prices compared to last year. Ladies sandals became 55.62 per cent more expensive, followed by increases in pulse moong (27.55 per cent), powdered milk (25.74 per cent), beef (21.32 per cent), sugar, vegetable ghee, and certain clothing items.