In an unexpected turn of events, the All Pakistan Gem and Jewelers Association (APGJA) has taken the decision to suspend the daily publication of gold rates for a week, citing violations of agreed pricing standards.
This suspension was declared yesterday, causing ripples throughout the nation's gold market.
Traders in Lahore and Peshawar
According to a recent, the APGJA witnessed an alarming deviation from the agreed-upon gold rates as traders in Lahore and Peshawar unilaterally increased the prices of 10 grams and one tola of gold.
Haroon Rasheed Chand, the President of the All Pakistan Gem and Jewelers Association, expressed his dismay over this breach of trust.
He revealed that traders in Lahore and Peshawar had based their pricing on the inter-bank dollar exchange rate, in contrast to the mutually established rate of 2 lakh 6 thousand 500, which was agreed upon with traders nationwide. The gold prices per tola ranged between 2 lakh 13 thousand and 2 lakh 16 thousand, surpassing the fixed rates.
Resumption of gold rate publication
The APGJA had recently resumed the daily publication of gold prices on October 10, following a month-long hiatus due to ongoing law enforcement agency raids against smugglers and speculators in the gold market. These crackdowns led to the detention of five individuals involved in illegal gold trade.
Haroon Rasheed Chand reiterated the association's commitment to legal trading practices. Their goal is to encourage computerized documentation and physical trading, moving away from speculation.
Additionally, the association has promised to provide weekly transaction updates and daily market rate information to ensure transparency in the gold market.
Commitment to legal trading
The APGJA's decision to suspend gold rate publication for a week serves as a stern reminder of the need for mutual cooperation and adherence to agreed-upon standards in the gold industry.
It underscores the significance of transparency and commitment to legal trade, in stark contrast to the illicit practices that have plagued the market.
The association aims to restore trust and integrity in the gold market and prevent price differences among traders. The one-week suspension will undoubtedly be closely monitored by all stakeholders in the precious metals industry.
