October 12, 2023 (MLN): Domestic bullion witnessed a major setback on Thursday, reversing the previous session's gains, with 24-karat gold depreciating by Rs7,800 per tola to close at Rs197,200.
The Karachi Sarafa Association reported that the price of 10-gram 24-karat gold declined by Rs6,684 to Rs169,070 at closing.
While 10-gram 22-karat gold stood at Rs154,978, down by Rs6,130 compared to the previous close.
To enhance transparency within the gold market, the State Bank of Pakistan (SBP) has authorized all gold dealers to calculate domestic bullion rates using the interbank exchange rate.
The Karachi Sarafa Association assured that today’s rates were calculated on the basis of interbank exchange rates.
| Calculations based on the association | |
|---|---|
| Gold/USD per ounce | $1,885 |
| Gold/AED per ounce (1,885*3.67008 – (USD/AED rate)) | 6918.101 |
| Gold/PKR per ounce (6,918.101*76 – (AED/PKR rate)) | 525,775.6608 |
| Gold/PKR per tola (525,775.6608*0.375) | 197165.9 |
The government is taking significant initiatives to ensure integrity and prosperity in the gem market.
Accordingly, the Federal Ministry of Industries and Production has established a 15-member advisory council to review existing policies related to the gold trade, standards, certification, and value addition.
Additionally, the FBR has imposed a 10% processing fee on five major categories of Afghan transit commercial goods imported into Afghanistan through Pakistan.
It is important to mention that the local bullion market reopened after 27 days on Tuesday following a crackdown on gold dealers, which caused panic in the bullion market.
The appreciation in the Pakistani Rupee (PKR) caused the general public to rush to accumulate gold while it was available at lower rates. Thus, the bullion did not release rates.
To note, today's closing marked a significant milestone for the Pakistani Rupee (PKR) as it extended its impressive streak to 26 consecutive trading sessions of gains against the US dollar.
On the global front, international spot gold has risen by 0.48% compared to the previous close and is currently trading at $1,882.95.
The price of silver remained unchanged in the domestic market, with 24-karat silver closing at Rs2,500 per tola and 10-gram 24-karat silver standing at Rs2,143 per tola.
Meanwhile, international spot silver is trading at $22.15, up by 0.54% on the day.
Copyright Mettis Link News
Posted on: 2023-10-12T18:09:37+05:00
