After a gap of almost a month, the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) finally issued the prices of gold on Tuesday.
According to the data released by the APSGJA, the price of gold (24 carats) stood at Rs. 199,500 per tola while the price of 10 grams stood at Rs. 171,039 at the close of trade today.
The association had last issued the prices on September 12, at the time the price of gold (24 carats) was Rs. 215,000 per tola while the price of 10 grams was Rs. 184,585. This means that during the period of suspension of rates, the price of gold has come down by Rs. 15,500 per tola.
It is pertinent to mention here that gold traders stopped issuing rates after law enforcement agencies launched a crackdown against smuggling and tax evasion. The crackdown also resulted in substantial depreciation of the US dollar against the Pakistani rupee with the rupee becoming the best-performing currency in the world in September.
It would be interesting to see, how the market behaves now that traders have once against started to issue rates. As per unofficial rates, the price of gold has increased in recent days after falling to as low as Rs. 188,000 per tola last week.
In the international market today, spot gold stood at $1,860.21 by 0506 GMT while the US gold futures were up 0.5 percent to $1,874.10.
Source: Pro Pakistani