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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.
At a meeting of the local authority’s executive on Tuesday, MacBeath said the scheme aimed to move beyond emergency aid by helping families become more financially “resilient”, offering advice on managing money, accessing benefits, reducing debt and finding work.
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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Lucid electric vehicles are seen at the New York International Auto Show on April 2, 2026.
Danielle DeVries | CNBC
Lucid Group has named the former chairman and CEO of Schindler Group, an industrial manufacturer of escalators and elevators, as its new chief executive.
Silvio Napoli, who spent nearly 31 years at Schindler, is set to become the all-electric vehicle maker’s second CEO following the abrupt departure of Lucid founder Peter Rawlinson in February 2025.
Interim CEO Marc Winterhoff will remain with the company as its chief operating officer once Napoli takes the reins, according to Lucid. A company spokesman said Napoli is expected to begin as CEO in the coming weeks, pending completion of his relocation from Switzerland and U.S. visa process.
Shares of Lucid fell roughly 5% in midday trading, as the company also announced expanded investments Tuesday of $750 million from an affiliate of Saudi Arabia’s Public Investment Fund — its largest shareholder — and Uber Technologies.
The latter is an expansion of a previously announced tie-up with Uber that includes the ride-hailing company investing another $200 million in Lucid. Uber has also agreed to purchase at least 35,000 Lucid vehicles designed exclusively for use as part of Uber’s future global robotaxi service. That’s up from $300 million and 20,00 vehicles announced in July.
The PIF-backed investment is $550 million, according to Lucid.
Napoli, who also serves on the board of American-Irish multinational power management company Eaton Corp., has not previously led an auto company before, while Rawlinson and Winterhoff are automotive veterans.
The company said Napoli’s “deep operational expertise, financial discipline and track record of leadership in innovation” would position Lucid for its future growth plans, including upcoming midsize EVs and new autonomy initiatives.
“His expertise in capital allocation, operational efficiency and translating advanced technology into consistent high-quality performance over time will be critical as Lucid continues to scale and execute its strategy,” Lucid Chairman Turqi Alnowaiser said in a statement.
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