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Gold hits historic highs as prices climb beyond the reach of ordinary buyers | The Express Tribune
KARACHI:
Gold prices shot up to record levels in international and local markets, touching historic peak. In the international bullion market, the price of precious metal per ounce rose sharply by $35 to $3,890 on Wednesday.
Locally, the price of gold per tola increased by Rs3,500, bringing it to a record Rs410,278. Meanwhile, the price per 10 grams of gold rose by Rs3,001 touching Rs351,747, also marking a new high.
In recent months, gold prices in Pakistan have surged sharply, making the precious metal increasingly unaffordable for many people. Traditionally, gold plays a central role in weddings, festivals, and other cultural occasions, and it is often used as a store of wealth and a form of investment.
The rising costs have put significant pressure on middle-class families, who are finding it harder to purchase gold for dowries, gifts, or savings.
The surge in gold prices has drawn widespread attention, as the precious metal is increasingly seen as a safe haven amid global economic uncertainty. The increase has been influenced by fluctuating currency values, rising inflation, and ongoing geopolitical tensions, all of which have driven demand for gold as a secure store of value.
Gold prices fluctuate idepending on movements in international markets and changes in foreign exchange rates, keeping investors and consumers on alert.
Petrol up by Rs4.07
A day earlier, the federal government announced an increase in the prices of petroleum products, with the new rates taking effect from October 1. According to a notification issued by the Ministry of Finance, the price of petrol has been raised by Rs4.07 per litre, while high-speed diesel has gone up by Rs4.04 per litre.
Following the price hike, petrol will now cost Rs268.68 per litre, up from Rs264.61. High-speed diesel will be priced at Rs276.81 per litre, up from the previous rate of Rs272.77.
These revised prices will remain in effect for the next 15 days. The increase is part of the government’s routine review of petroleum prices, which are influenced by fluctuations in international markets and exchange rate changes.
People with lower incomes benefitted less from the house-buying scheme than those with high incomes, the influential think tank says.
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NEW DELHI: India’s crude imports from Russia surged in March, with purchases at nearly Rs 5.3 billion (about $6.2 billion) compared with Rs 1.4 billion ($1.6 billion) the previous month, amid the military conflict in West Asia and closure of the Strait of Hormuz.In its latest analysis of Russian fossil fuel exports and sanctions, Centre for Research on Energy and Clean Air (CREA) said India imported Rs 5.8 billion worth of Russian hydrocarbons in March – the second-highest after China – as both volumes and prices increased. Crude accounted for 91% of imports, followed by coal and oil products.The report added India’s total crude imports fell 4% in March, but those from Russia rose four times.
State Refiners Largest Buyers Of Russian Fuel
“The biggest shift was in state-owned refineries’ imports from Russia, which saw a massive 148% month-on-month increase. Their imports were in fact 72% higher than in March 2025, presumably due to Russian barrels being more available in the spot market,” it said. Private refineries registered more than 66% month-on-month increase.In Feb, India was the third-largest importer of Russian hydrocarbons after China and Turkiye, with purchases valued at Rs 1.8 billion and crude accounting for nearly 81% (Rs 1.4 billion) of shipments. The value and volume of imports, however, may differ. Russian Urals were earlier available to India at a discount, but prices surged due to the closure of Hormuz.Though India has been importing Russian barrels in large volumes over the past four years, shipments dipped in Jan and Feb before surging again in March after the US granted a one-month sanctions waiver to ease prices.
US president Donald Trump has said “Aberdeen should be booming” as he said the UK Government is “absolutely crazy” not to boost oil and gas extraction in the North Sea.
Mr Trump took to his Truth Social page on Tuesday to criticise UK policy in the basin, with the Labour-led Government moving towards renewable energy.
In the seemingly unprompted post, the US leader said: “Europe is desperate for Energy, and yet the United Kingdom refuses to open North Sea Oil, one of the greatest fields in the World. Tragic!!!
“Aberdeen should be booming. Norway sells its North Sea Oil to the U.K. at double the price. They are making a fortune. U.K., which is better situated on the North Sea for purposes of energy than Norway, should, DRILL, BABY, DRILL!!!
“It is absolutely crazy that they don’t… AND, NO MORE WINDMILLS!”
The US president has long voiced his dislike of wind energy, particularly offshore wind, having launched a battle with the Scottish Government to stop a development which was visible from his Aberdeenshire golf course.
His comments are the latest in a line of outbursts about the UK’s energy policy, including a Truth Social post where he urged the Government to “incentivise the drillers”.
Scotland’s First Minister John Swinney said he did not agree with Mr Trump.
He said during Channel 4’s Holyrood election debate: “I don’t agree with President Trump about drill, baby, drill.
“I think we’ve got enormous challenges about energy but Scotland is an energy-rich country which is developing formidable renewable energy resources.”
Mr Swinney said “the problem for Scotland” was “the same problem we had in the 1970s with oil”.
“We don’t see the economic benefit of the energy wealth of Scotland, and I want to make sure Scotland’s energy is in Scotland’s hands,” he said.
Scottish Labour leader Anas Sarwar criticised the US president for trying to “dictate” to Scotland but said the Rosebank and Jackdaw oil fields should be allowed to open.
Malcolm Offord, Reform UK Scotland leader, said he agreed with Mr Trump, while the Scottish Greens said new oil exploration was “not compatible” with the climate crisis.
A spokesperson for the UK Government’s Department for Energy Security and Net Zero said: “We are taking action to bear down on the cost of living, including taking £117 off average energy bills this month and supporting de-escalation in the Middle East.
“The lesson of yet another fossil fuel crisis is the UK needs to get off the fossil fuel rollercoaster and on to clean homegrown power we control.”
A Freedom of Information (FOI) request to the North Sea Transition Authority (NSTA) by the Press Association revealed that there were 351 Seaward Production Licences in force in the UK Continental Shelf as of March 4.
An NSTA letter to the Environmental Audit Committee in September 2022 set out that from 2004 onwards, the average time from licence award to production is approximately five years – including both old and new discoveries.
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