Gold rate released in Pakistan after a month’s hiatus

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

In the last week or so, the price of gold (24 carats) has decreased by Rs15,500 per tola and Rs13,546 per 10 grams to settle at Rs199,500 per tola and Rs171,039 per gram, respectively, according to data released by the APSGJA.

The last time bullion rates were published was on September 12, when the price of the yellow metal was at Rs215,000 per tola, the highest price for the yellow metal since 1991. 

However, because of the uncertain economic conditions, speculations were on the rise as a result. After this, the government stepped in and launched a crackdown against the speculators which resulted in the suspension of the bullion rates as a result of the government’s actions.

In the absence of uniform rates, gold traders have been quoting prices of the yellow metal at will during these 28 days because no uniform rates were being issued.

There was also a significant decline in the price of the yellow metal, which went down by $55 to settle at $1,891 per ounce on the international market, a significant decline from the previous level.

According to the data shared by the association, the price of silver dropped by Rs50 per tola and Rs42.87 per 10 grams, respectively, to settle at a price of Rs2,500 per tola and Rs2,143.34 per 10 grams.

As a result of the uncertain state of the gold market – when rates were not being released – this had exposed fractures within the jeweller community, with reports of internal divisions and grouping emerging within the jewellery industry. 

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