Gold Prices in Pakistan Drop as Market Shifts to Interbank Trading for Fairer Rates

 In a significant move, Pakistan's gold market has shifted to interbank trading, resulting in a notable drop in gold prices. The objective behind this transition is to bring local gold prices in line with global standards and to eliminate unfair practices. According to data from the All Sindh Sarafa Jewellers Association (ASSJA), gold prices fell to Rs197,200 per tola, with the price of 10 grams of gold decreasing to Rs169,070, reflecting a drop of Rs6,684. Meanwhile, international gold prices surged, reaching $885 per ounce, indicating a global response to this shift.

Notably, silver prices remained stable in the local market, with no reported changes, holding at Rs2,500 per tola and Rs2,143.34 for 10 grams of silver. The new pricing system calculates local gold prices slightly higher than international rates, and this variance is determined per tola, then converted into Dirham rates and finally into Pakistani rupees. This adjustment aims to create more consistency and fairness in local gold pricing.

Al-Haj Haroon Rasheed Chand, the President of the All Pakistan Gems and Jewellers Association, emphasized that this transition is intended to rectify price disparities and speculative practices that previously affected the local gold market. The drop in gold prices is seen as a positive development, as it addresses the issue of dealers selling gold at inflated prices. The move to interbank trading is ultimately geared towards providing transparency and competitive pricing for both consumers and traders.

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