Wednesday April 24, 2024

Here's why gold rates weren't released in Pakistan today

People remain curious as to why All Pakistan Sarafa Gems and Jewellers Association did not release gold rates today

By Business Desk
March 08, 2023
An undated image of gold bangles. — AFP/File
An undated image of gold bangles. — AFP/File

All Pakistan Sarafa Gems and Jewellers Association (APSGJA) — the association that releases gold rates in Pakistan on daily basis — did not announce the prices today (Wednesday). 

As people remained curious why rates weren't released, it was learnt that the local bullion market remained closed today.

APSGJA President Haji Haroon Rasheed Chand, in a public message, confirmed the bullion rates were not released on account of Shab-e-Barat (15th Shaban).

Believers across the country observed Shab-e-Barat, also known as the night of blessings and glory, on Tuesday night (tonight) with full religious spirit.

Gold prices have been declining for the last many days and have cumulatively lost Rs9,200 or per tola in the last four days.

It should be noted that the APSGJA notifies the gold rates to the market every day after determining the price by keeping in view its rates in world markets, the rupee-dollar exchange rate, and demand and supply in domestic markets.

The price of gold on Tuesday declined by Rs700 per tola and Rs600 per 10 grams to settle at Rs197,300 and Rs169,153, respectively.

The association last reported that the price of gold has been “under cost” by Rs3,000 per tola in Pakistan, as compared to prices in Dubai. This means that, at present, the Pakistani gold market is less expensive than the world market.

The price of per tola gold plunged below the critical Rs200,000-mark due to the rupee's appreciation against the US dollar under the current cycle.

Meanwhile, in the international market, gold prices hovered near a one-week low on Wednesday after Federal Reserve Chair Jerome Powell said US interest rates might need to go higher than expected to control sticky inflation.

Spot gold was nearly flat at $1,814.10 per ounce by 1253 GMT, after hitting its lowest since Feb. 28 at $1,809.27. Following Powell’s remarks on Tuesday, prices fell nearly 2%.

US gold futures were down 0.1% to $1,818.70.