After a nearly month-long hiatus, the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) has once again issued the prices of gold. According to the latest data from APSGJA, the price of gold (24 carats) is now at Rs. 199,500 per tola, with the price of 10 grams at Rs. 171,039 at the close of trade.
During the suspension of gold price rates, which began on September 12, the price of gold (24 carats) has seen a significant drop of Rs. 15,500 per tola.
Also Read:Gold Prices Drop Rs. 30,000 in One Week
The suspension of rates was initiated as law enforcement agencies cracked down on smuggling and tax evasion in the gold trade, resulting in a substantial depreciation of the US dollar against the Pakistani rupee. In September, the rupee became the best-performing currency in the world.
Unofficial rates suggest that 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, spot gold was recorded at $1,860.21 by 0506 GMT, while US gold futures saw a 0.5 percent increase to $1,874.10.
The resumption of gold price rates is expected to impact the local market as traders begin issuing rates again.