After approximately a month-long hiatus, the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) has resumed the release of bullion rates, revealing a significant decline in gold prices. The price of gold (24 carats) has dropped by Rs15,500 per tola and Rs13,546 per 10 grams, settling at Rs199,500 and Rs171,039, respectively.
The last issuance of bullion rates was on September 12, with gold priced at Rs215,000 per tola. During the break, uncertain economic conditions led to increased speculation, prompting government intervention and a crackdown against speculators. This crackdown resulted in the suspension of bullion rates.
In the absence of uniform rates during this period, gold traders were quoting prices arbitrarily. The recent resumption of rate releases has provided clarity in the market.
Internationally, the price of gold experienced a substantial decrease, falling by $55 to reach $1,891 per ounce.
The data from the association also indicates a decline in silver prices, with a decrease of Rs50 per tola and Rs42.87 per 10 grams, settling at Rs2,500 and Rs2,143.34, respectively.
The temporary suspension of bullion rates had exposed internal divisions within the jeweller community, with reports of internal strife and grouping emerging during this period.
