bullion prices drop in pakistan
Gold prices in Pakistan dropped significantly as the country’s gold market switched to interbank trading. This change was made to make local gold prices align more closely with global standards and to prevent unfair practices.
According to data from the All Sindh Sarafa Jewellers Association (ASSJA), gold prices fell to Rs197,200 per tola by the end of Thursday’s trading. The price of 10 grams of gold also decreased, reaching Rs169,070, down by Rs6,684.
At the same time, international gold prices went up by , reaching 885 per ounce, showing the global reaction to this shift.
Interestingly, silver prices remained stable in the local market, with no changes reported. Silver prices remained at Rs2,500 per tola, and 10 grams of silver stayed at Rs2,143.34.
The new idea for choosing gold prices is a huge change for gold traders. Under this new system, local gold prices will be slightly higher than international rates, and this difference will be calculated per tola. These rates are then converted into Dirham rates and finally into Pakistani rupees, making local prices more in line with global standards.
Read More: Gold markets stop issuing rates to look for ways to curb speculation
Al-Haj Haroon Rasheed Chand, the President of the All Pakistan Gems and Jewellers Association, explained that this shift aims to fix price differences and speculative practices that used to affect the local gold market. This change was important in fair and consistent pricing.
Read More: Reopening Pakistan’s Gold Market After Illegal Trading Shutdown
The gold price drop is a good thing because all the dealers were selling the gold at a high prize The move to interbank trading aims to provide transparent and competitive pricing for both consumers and traders.