Official gold rates released after a month’s hiatus

Official gold rates were released on Tuesday after a month’s hiatus!

All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) released the bullion rates after a month’s break, showing the price of the precious commodity falling by more than Rs15,000 per tola.

As per data released by the APSGJA, the price of gold (24 carats) decreased by Rs15,500 per tola and Rs13,546 per 10 grams to settle at Rs199,500 and Rs171,039, respectively.

Meanwhile, the price of silver decreased by Rs50 per tola and Rs42.87 per 10 grams to settle at Rs2,500 and Rs2.143.34, respectively.

On the other hand, the price of the yellow metal saw a major decrease in the international market as it went down by $55 to settle at $1,891 per ounce.

The bullion rates were last issued on September 12. The yellow metal stood at Rs215,000 per tola by then.

Jewellers and traders’ rift prolonged the suspension of official gold rates issuance in Pakistan according to the sources.

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 was 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 tried to resolve the issue by forming a committee comprising representatives of various stakeholders, including jewelers, traders, exporters, and importers.

During the last month, gold has been trading unofficially at varying rates.