Gold price increases by Rs5,000 per tola in Pakistan

Karachi  (Web Desk): The record rise in global gold prices has severely affected Pakistan’s local jewelry market, where goldsmiths and jewelers are struggling to sustain their businesses.

According to the All Pakistan Gems and Jewellers Association, the continuous increase in gold prices has almost halted jewelry manufacturing across the country. With gold becoming unaffordable for most people, jewelry production for weddings and daily wear has sharply declined.

Industry representatives say that nearly 50 percent of jewelry workshops have closed, leaving thousands of craftsmen unemployed.

Experts link the soaring global gold prices to a weakening US dollar, lower interest rate expectations, and ongoing trade tensions, which have pushed investors worldwide to shift their focus from currency to gold as a safe investment.

Meanwhile, Pakistan’s middle class has turned toward silver as an alternative investment option, while jewelers warn that if the current trend continues, the jewelry-making industry in the country could collapse entirely.