After a month’s hiatus, the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) announced fresh bullion rates on Tuesday, revealing a notable drop of over Rs15,000 per tola in gold prices.
Per the latest figures from APSGJA, 24-carat gold saw a reduction of Rs15,500 per tola, landing at Rs199,500. The rate per 10 grams decreased by Rs13,546, settling at Rs171,039. This contrasted sharply with the last published rate on September 12, with gold valued at Rs215,000 per tola.
This month-long rate silence came amid growing economic speculations, prompting government intervention against potential market manipulators. Consequently, the regular release of bullion rates was suspended, leading to erratic pricing by individual gold traders.
On the global front, gold prices experienced a downturn of $55, stabilizing at $1,891 per ounce. Furthermore, APSGJA data indicated that silver prices diminished by Rs50 per tola and Rs42.87 per 10 grams, standing at Rs2,500 and Rs2,143.34, respectively.
The past month’s rate blackout highlighted underlying tensions within the jeweller community, with rumours of internal conflicts and factions emerging.
