Daily Times

The value of pure gold in Pakistan has been on a consistent downward trend despite the that the official gold rates provided by the All Pakistan Jewelers Association, which typically updates daily gold prices, have not been available since September 12, 2023. On Saturday, the current rate for 24-karat gold stands at Rs187,500 per tola, while those interested in 22-karat gold can acquire it at Rs171,875 per tola. For individuals looking to purchase smaller quantities, 10 grams of 24-karat gold are now priced at Rs160,751, and 10 grams of 22-karat gold can be obtained for Rs147,355. However, the official gold rates provided by the All Pakistan Jewelers Association, have not been available since September 12, 2023 due to the differences among Pakistani gold traders over the formation of a committee further delaying the resumption of formal bullion trade. The committee has reportedly been tasked to regulate the industry triggering a row among the jewellers. The suspension of official gold prices came after a crackdown by law enforcement authorities on speculators and traders who were accused of manipulating the bullion market and causing a sharp spike in gold rates last month. On September 12, gold prices in the local market jumped by Rs5,600 per tola, or 11.66 grams, to Rs215,000 rupees, despite a decline in the international market.