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Friday May 24, 2024

Gold rate released in Pakistan after a month's hiatus

Gold price drops by more than Rs15,000 per tola to drop below Rs200,000

By Business Desk
October 10, 2023
An undated image of gold jewellery displayed at a store. — AFP/File
An undated image of gold jewellery displayed at a store. — AFP/File

The rate of gold was released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) on Tuesday after a month's hiatus and the price of the bullion slipped below Rs200,000 per tola.

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, according to data released by the APSGJA.

The last time that bullion rates were issued was September 12, when the price of the yellow metal stood at Rs215,000 per tola. 

But due to uncertain economic conditions, speculations were on the rise. The government then stepped in and launched a crackdown against the speculators, resulting in the suspension of the bullion rates.

As no uniform rates were being issued during these 28 days, gold traders have been quoting prices of the yellow metal at whim.

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

Data shared by the association showed 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.

The uncertain state of the gold market — when the rates were not being released — had revealed fractures within the jeweller community, with reports of internal division and grouping coming to the fore.