KARACHI: The relentless surge in gold prices has not only unsettled jewellers but also left workshop labourers anxious about their future. Many fear that if prices climb any further, the little work that remains in the goldsmith trade could disappear altogether.
At Liaquatabad Sarafa Bazaar — once a hub of round-the-clock jewellery crafting — the scene today is quiet and desolate. The soaring cost of gold has brought jewellery production almost to a standstill.
Artisans say many goldsmiths have abandoned their ancestral craft and moved to other professions as demand dwindles. Jewellers, too, now sit idly in their shops, waiting for customers who no longer arrive. “People once commissioned jewellery with great enthusiasm, but now they’ve stopped buying gold altogether,” said one shopkeeper.
According to the All Pakistan Sarafa Gems and Jewellers Association, gold prices per tola soared by Rs8400 to reach a record high of Rs425,178 — the highest level ever recorded in the country.
The price of 10 grams of gold increased by Rs7202 to Rs364,521, while 10 grams of 22-karat gold rose by Rs6602 to Rs334,156. In the international market, gold extended its rally with an USD84 increase, hitting USD4039 per ounce as investors turned to the precious metal amid global economic uncertainty.
Silver also followed the upward trend, gaining Rs55 per tola to close at Rs4984, while 10 grams rose by Rs47 to Rs4272. International silver prices advanced by USD1 to settle at USD49 per ounce.
Copyright Business Recorder, 2025
