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To align with international standards and curb speculative practices, Pakistan’s gold market has adopted a new pricing formula.
The updated formula for determining gold prices is based on interbank trading. It involves setting the price of gold in the country slightly higher, approximately $5 more per tola, along with a specific percentage in comparison to international market rates. These rates are then converted into Dirham and, subsequently, into the local currency.
Read more : Gold Rate In Pakistan Today Latest Tola Prices
Haji Haroon Rasheed Chand, President of the All Pakistan Gems and Jewellers Association, stated that this new pricing formula will bring consistency to gold prices and eliminate the speculative pricing that had previously dominated the domestic gold market. Speculators and black market traders had been selling gold at excessively high prices, leading to price disparities. However, Chand emphasized that effective enforcement of pricing changes is essential.
Notably, after nearly a month’s hiatus, the All-Pakistan Gems and Jewellers Association (APGJA) recently released gold prices. Prior to this, the association had last issued price updates on September 12. Gold traders had suspended rate announcements following a crackdown by law enforcement agencies against smuggling and tax evasion in September.
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