By Asma Kundi
ISLAMABAD: As gold prices make and break records and per tola price surpassed Rs 180,000 in the history of Pakistan, it is evenly deterring consumers and worrying jewellers in gold markets.
A survey by World Echo in the famous gold market in F-7 Markaz found the jewellers in Islamabad complaining about the drastic decrease in their daily business due to the high prices of gold. Most of the traders were looking for customers.
Bakhtawer Bibi, a middle-aged woman, who was looking for gold bangles said that this was not the right time to purchase gold but she was buying for her daughter soon to be wed. “Due to inflation in Pakistan, it has become very difficult to get your children married. I am giving only 6 tolas to my younger daughter, which made me sad because I gave 10 tolas to my elder daughter at her wedding 3 years back. We are left with no purchasing power in this sky-high inflation,” Bhkhtawer added.
She urged the government to make life easy for poor people, who are already dying of hunger. “If you cannot do anything for people, then please leave the government and go home,” she said while referring to the incumbent government.
Gold prices beyond purchasing power
Muhamad Shamim, President of the Islamabad Jewelers Association, said that gold prices have continuously risen for many years. One of the main reasons is that the dollar has strengthened dramatically, and we also have a shortage of dollars here in Pakistan. On the other hand, international prices of gold are also increased manifolds in recent years.
“The high prices have an impact on our business negatively as the purchasing power of people has become very low. The inflation rate in the country is skyrocketing; therefore, it has become difficult for people to manage other expenses like food, school fees, health expenses, etc. After spending on necessities, common people are left with no money to buy gold items,” he said. He said their business has reduced to only 20 percent as he appealed to the government to save the gold business industry. He demanded tax relaxation and urged the government to look into new laws passed by the parliament to help the jewelers.
