In a significant development for Pakistan's precious metals market, the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) has finally released the much-awaited bullion rates after a month-long hiatus.
The hiatus in rate releases had created a sense of uncertainty in the market, leading to speculations and fluctuations in gold prices.
According to data unveiled by the APSGJA, the price of 24-carat gold has experienced a substantial drop, plummeting by a staggering Rs15,500 per tola and Rs13,546 per 10 grams. This decline has caused the price of gold to settle at Rs199,500 per tola and Rs171,039 per 10 grams, respectively.
The last available rates for gold dated back to September 12, when the yellow metal was valued at Rs215,000 per tola. However, due to the uncertain economic conditions prevailing at that time, speculations ran rampant in the market. In response, the government took action by initiating a crackdown against speculators, which eventually led to the suspension of bullion rates.
During the 28-day absence of uniform rates, gold traders were left to quote prices at their discretion, contributing to further market volatility.
Meanwhile, on the global stage, the price of gold saw a significant dip, declining by $55 to reach $1,891 per ounce. This international price drop has added to the challenges faced by local gold traders and investors.
Data shared by the APSGJA also revealed a decrease in the price of silver, which dropped by Rs50 per tola and Rs42.87 per 10 grams. Consequently, silver is currently priced at Rs2,500 per tola and Rs2,143.34 per 10 grams.
The extended period without clear rate information has exposed divisions within the jeweller community, with reports emerging of internal disputes and factionalism. This period of uncertainty has undoubtedly tested the resilience of the industry and its stakeholders.
As Pakistan's bullion rates re-emerge on the scene, industry experts and investors will closely monitor the market's response to these new price levels. The government's measures to curb speculation and stabilize the precious metals market will also remain a key focus in the coming days.
