Gold prices in Pakistan experienced a week of significant fluctuations, ultimately rising by Rs. 6,350 per tola. Data released by the All-Pakistan Gems and Jewellers Association (APGJA) revealed that the price of 24-carat gold decreased by Rs. 150 per tola to reach Rs. 208,350, with 10 grams dropping by Rs. 129 to Rs. 178,626 on Saturday.
Throughout the week, gold rates exhibited a rollercoaster ride. A notable drop of Rs. 1,900 per tola occurred on Monday. However, Tuesday saw no rate issuance due to uncertainties surrounding the new pricing mechanism. Wednesday brought a substantial increase of Rs. 6,400 per tola, followed by a slight decline of Rs. 200 per tola on Thursday. Friday witnessed a surge of Rs. 2,200 per tola. Despite a small decline on Saturday, the cumulative increase for the week was Rs. 6,350 per tola.
The week also marked the adoption of a new pricing formula in Pakistan’s gold market. This formula is based on interbank trading and involves applying a $20 premium on international prices. The goal is to bring uniformity to gold prices across the country.
In summary, Pakistan’s gold market witnessed a turbulent week with prices fluctuating throughout the period. The introduction of a new pricing formula based on interbank trading and a premium on international rates aims to standardize gold prices, providing consistency to traders and consumers in the country.