Gold prices see sharp decline in Pakistan as bullion market switches to inter-bank trading

Gold prices see a sharp decline in Pakistan as the bullion market switches to inter-bank trading under the new formula.

According to data issued by the All Sindh Sarafa Jewellers Association (ASSJA), on Thursday, gold rates declined to Rs197,200/tola at the end of the day’s trading.

Gold rates reflect a substantial decline from the previous rates.

The price of 10 grams of gold also registered a notable decrease, falling by Rs6,684 to reach Rs169,070.

On the other hand, the rates of the yellow metal in the international market went up by $13, settling at $1,885/ounce.

However, silver rates remained stable in the local market, with no change reported.

The rates for silver held steady at Rs2,500/tola, while 10 grams of silver also maintained the same value, standing at Rs2,143.34.

The local bullion market switching to inter-bank trading under the new formula aims to align local gold pricing with international standards.

Under the new formula, gold rates in the local market will be higher by around $5 with a certain percentage per tola compared to the international rates.

These rates are then converted into Dirham rates and subsequently into Pakistani rupees.

The transition under the new formula aims to align local gold pricing more closely with international standards.