Jewellers and traders’ rift prolongs suspension of official gold rates issuance in Pakistan, sources

Jewellers and traders’ rift has prolonged the suspension of official gold rates issuance in Pakistan, sources claimed on Saturday.

As reported, differences emerged among the local gold traders over the formation of a committee further delaying the resumption of formal bullion trade.

The issuance of official gold rates has been suspended after a crackdown by law enforcement authorities on speculators and traders who were accused of manipulating the bullion market and causing a sharp spike in gold rates last month.

The Ministry of Commerce is trying to resolve the issue by forming a committee comprising representatives of various stakeholders, including jewellers, traders, exporters, and importers.

Meanwhile, according to traders, the gold has been trading unofficially at varying rates.

The prices hovered around Rs190,000 per tola after appreciation of the local currency, according to traders.

On September 12, the gold prices in the local market increased by Rs5,600 per tola, or 11.66 grams, to Rs215,000 rupees, despite a decline in the international market.

The committee formulated has reportedly been tasked to regulate the industry triggering a row among the jewellers.

However, disagreements and disputes among jewellers over the composition and mandate of the committee have prolonged the suspension of gold rates.